HEADLINES : Michigan

New figures affirm $1.2B state surplus

The Detroit News | by Jim Lynch | January 13, 2012

A new set of numbers estimating Michigan's ending balance for the 2010-11 fiscal year are available and, once again, the state appears to have generated a considerable surplus.

Late last month, the Senate Fiscal Agency released an analysis showing Michigan closed the year in October with a surplus of more than $1.2 billion. That estimate gibes closely with numbers released this week by the House Fiscal Agency.

Rebecca Ross, the House agency's senior economist, said the state's general and school-aid funds ended the 2010-11 fiscal year with a combined surplus roughly $6 million higher than the Senate agency's estimate.

A Treasury Department spokesman said Wednesday that agency's figures would not be released until Friday when officials with both fiscal agencies, as well as the state treasurer's office gather in Lansing to hammer out a consensus budget estimate. That estimate will be used in budgeting for the coming years.

 

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