State tax revenue falls $616M short of estimate; shortfall could affect transportation funding

State tax revenue falls $616M short of estimate; shortfall could affect transportation funding | Crain's Detroit Business:
"As lawmakers work to complete the state budget by early June, they now have more accurate — but not better — numbers with which to work, as state officials announced today that tax revenues are down $299.1 million more than anticipated.
Officials at the state revenue estimating conference are also projecting a decline of $317 million for the current fiscal year.
The estimates for the current year will shrink the size of the roughly $1 billion surplus lawmakers were told they had in January, so the revision will not need to result in cuts.
But it does mean there is less available to carry forward into the next fiscal year.
 Because there is projected to be less state revenue generated next year as well, that is $616.1 million less that lawmakers had been hoping to spend in a variety of ways, namely increased funding to transportation."