Gov. Rick Snyder and legislators have $315.4 million more than expected for the current fiscal year that ends Sept. 30 and $182.4 million more for the budget they're crafting now for Fiscal Year (FY) 2019, based on updated revenue estimates set by state economists.
Bolstered by a slow-growth Michigan economy, the state is seeing higher-than expected tax collections that's equated to $155.9 million more for the General Fund in FY '18, $72 million more for FY '19, $159.5 million more for the School Aid Fund this year and $110.4 million more for FY '19.
The Budget Office and Republican legislative leaders are showing an interest in using the money to pay down debt/add to rainy day fund, sink more money into road repair and investing in school safety initiatives. Democrats have also talked of putting money into roads while using School Aid Fund for school-related initiatives.
Source: MIRS News Release, May 16, 2018.