Michigan's July tax revenues fell as much as 50 (m) million dollars short of expectations. By itself, that's not a big problem in General Fund and school aid budgets that total more than 17 (b) billion dollars. But revenues keep falling short month after month. Jay Wortley is the senior economist for the state Senate Fiscal Agency. He says the economy is rapidly changing in Michigan and all over the country. He says that makes projecting revenues very hard.
"Whenever you're trying to predict the future, it's difficult," says Wortley, "but when you're in unusual times, it's all the harder."
The shortfalls add to Michigan's deficit that's currently pegged at one-point-seven (b) billion dollars for the General Fund, and 900 (m) million dollars or more in the School Aid Fund.