Despite Epidemic, State Of Michigan Rolling In Dough
The state of Michigan’s budget for the 2020-21 fiscal year that begins Oct. 1 projects an increase in state revenue from state sources of $2.2 billion over the previous year, signaling that so far, the fiscal impact of the COVID-19 has been weathered.
The last pre-pandemic budget (fiscal year 2018-19) saw $34.2 billion in state revenue. This dropped to $33.1 billion in 2019-20, largely due to the coronavirus. But for the new fiscal year that begins this week, state revenues are projected to climb back to $35.4 billion.
Michigan Capitol Confidential is the news source produced by the Mackinac Center for Public Policy. Michigan Capitol Confidential reports with a free-market news perspective.