The state is expected to bring in about $31.5 billion in tax revenue for the current 2023-24 fiscal year, an increase of about $418 million from prior estimates made in May but a slight decrease from the prior year. Tax revenue for the 2024-25 fiscal year is expected to be $32.3 billion, about $146.9 million higher than predicted in May.

“Today's numbers reflect revenues that are consistent with expectations, and that’s not a small thing,” stated State Treasurer Rachael Eubanks. “The economy is strong and stable…and we are returning to those pre-pandemic norms.” 

For 2024-25, officials are predicting revenue will increase by 2.5 percent. Specifically, the officials agreed the General Fund is coming in $359.1 million higher in 2023-24 than originally estimated in May and the School Aid Fund $58.8 million higher. For 2024-25, officials estimated the General Fund will be $105.8 million higher than what was agreed to in May and the School Aid Fund $41.1 million higher.

Governor Whitmer's fiscal year 2024-25 budget proposal will be presented on February 7 before a joint hearing of the legislative appropriations panels.