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Michigan Will Have To Trim Spending For Next Budget Year
May 16, 2008, 4:09 PM EDT
LANSING, Mich. (AP) —
State economists say lower revenues may force smaller increases in the upcoming budget.
The state treasurer and directors of the Senate and House Fiscal agencies said Friday revenues for the current budget year will be
about $61 million less than they expected in January.
That's an easy adjustment in a $43.6 billion budget.
But dealing with the budget year that starts Oct. 1 will be tougher.
The state likely is facing a shortfall of $170 million to $350 million.
That could mean K-12 schools, universities and some programs may not get as much as Governor Jennifer Granholm has proposed.
Revenues aren't growing as much as expected because of the slower national economy, the federal stimulus package and a new
film industry tax credit.
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