Monday, February 2, 2015

State budget deficit could impact higher education - JACK TURMAN, Michigan Daily

Last week, the House Fiscal Agency projected a $454.4 million deficit in the state’s general budget due to an unexpectedly high number of businesses cashing in previously allocated tax credits. A later estimate released by the state’s Budget Director John Roberts reported the projected deficit was $325 million for the state’s general fund for 2015. Along with a smaller projected shortfall in this fiscal year’s budget, net general fund revenues are now projected to be $532 million short of what officials expected for the 2016 fiscal year. Dr. Michael Boulus, executive director of the Presidents Council, State Universities of Michigan, said it’s difficult to know where Snyder will make cuts because details haven’t been announced yet. However, Boulus added that while the deficit could have an impact on higher education funding, he’s hopeful it will not.

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