State of Michigan Budget 2022-2023 Updates

Revenue for the 2022-23 fiscal year decreased slightly more than forecasted, the House Fiscal Agency (HFA) said in its October report.

In May, the HFA, Senate Fiscal Agency and Department of Treasury agreed revenue in 2022-23, compared to 2021-22, would decrease by 4.7 percent, or about $1.5 billion. In its October revenue report, which completes cash collections for the fiscal year, the HFA said revenue decreased 4.9 percent, about $1.7 billion. Overall for the fiscal year, cash collections in the General Fund were about $61.5 million below the projected amount. The School Aid Fund was about $25.4 million below the consensus.