The House Fiscal Agency’s monthly analysis released on Tuesday showed the General Fund increased from projections while School Aid Fund was lower than projections.
Year-to-date General Fund for the fiscal year 2015-16 which ended on October 1 was $700,000 below its projections. In October, the General Fund revenue came in at $967.4 million, $31.5 million above projections. The School Aid Fund revenue for October netted $1,784.4 million, about $10.9 million below estimates. Year to date School Aid Fund revenue for fiscal year 2015-16 is $2.2 million below May projections.
In October the Single Business Tax, the Michigan Business Tax, the Corporate Income Tax and insurance company taxes netted $180.2 million. Collections from the sales tax, use tax, beer and wine taxes, liquor taxes and tobacco taxes totaled $831.5 million in October and were $56.3 million higher in FY 2015-16. Net income tax revenue totaled $815.2 million in October 2016.
Revenue from the state education tax and real estate transfer tax was $936.9 million and $31.2 million, respectively.