LANSING, Mich. (AP) — Michigan's House and Senate fiscal agencies have come out with their revenue estimates for the 2012-2013 fiscal year — and the news isn't all good.
Both say they expect the state general fund to take in less revenue in the fiscal year that starts Oct. 1 than it will this year as companies pay less money because of the business tax cut that took effect early this year. They expect the drop to be bigger than they forecast in January, with the House agency forecasting $67 million less than January's $9 billion estimate and the Senate agency forecasting $106.4 million less.
Both expect the school aid revenues that help pay for K-12 schools, community colleges and universities to be higher than their January estimates, however. The House Fiscal Agency says it expects revenue to be nearly $151.8 million more than the $11.1 billion expected four months ago. The Senate Fiscal Agency is revising its estimate upward by $84.4 million.
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