According to the Associated Press, The Michigan State Fiscal Agency announced today the state would take in an estimated four percent less than originally projected in budget plans last year.
The Agency is estimating the state will take in $870 million less than economists estimated in May of 2007.
The state’s Senate Fiscal Agency estimated the state will take in $941 million less than economists estimated.
Heads of both state agencies and the State Treasurer will meet Friday in Lansing to determine how much revenue projections will have to be adjusted to compensate for the decline in revenue.
Gov. Jennifer Granholm and state legislators have already made budget cuts in anticipation of the declining revenue as the economic conditions in Michigan continue to sour.