For the fiscal year, which began Oct. 1, revenue in the general fund is down $105 million and the school aid fund is off $95 million from the January estimates, upon which the state budget is based. The general fund is the state's discretionary checking account.
Income tax collections totaled a negative $45 million because refund payments to taxpayers outpaced income tax revenue -- the first time that happened in 16 years.
Sales tax collections were down 18 percent in February, "the steepest monthly decline during the past 25 years," the Senate Fiscal Agency report stated.
Not good. The stimulus and "more cuts" are the options being mentioned.
But the Legislature will have some control over the roughly $7 billion in stimulus money expected to flow through state government. Most of the money will have to be spent on specific programs, but lawmakers will limited flexibility to decide where it goes within those programs.
No one has released the grand total that we will receive, but the Center for American Progress estimated that it would be $18 billion over two years, a figure that includes the tax cuts, which were already 42% of the stimulus. So, do the math. I can't because I went to the same school that Dick DeVos did.
The report issued by Michigan State University's Center for Economic Analysis last month found evidence that the industry is positively influencing migration to Michigan.
"The motion picture and digital media sectors are high-tech sectors that require a high-skilled labor force," the report states. "These positions, whether they are on the set during filming, in the studios for post-production, or supplying services for productions, provide high-paying opportunities for Michigan workers."
Back to you, Nancy.