Michigan has $632 million more in its coffers than expected as it heads into fiscal 2013, fiscal officials said Friday at the state’s biannual revenue estimating conference.
Projected revenues for 2013 are up by $216 million compared to the last revenue conference in May.
The state government also brought in $416 million more than expected in fiscal 2012.
The news is part of a bigger picture of a stronger economy for the long-suffering state.
There is a $457 million surplus from 2011, which ended Sept. 30.
Gov. Rick Snyder will use the numbers to help craft the 2013 budget, which he will present Feb. 9. He has already said there will be no education cuts this year.
Fiscal officials from the University of Michigan, the state budget office and the legislative fiscal agencies gave cautiously optimistic reports Friday.
“Now that the darkest days are in the books, much of today’s news is positive,” University of Michigan economist George Fulton said.
Fulton said the state saw its strongest job growth in 2011 since 2000, and added that Michigan will continue to post employment gains through 2014 but at a slower pace.
The fiscal 2012 general fund is expected to total $9 billion, up $278 million from earlier estimates.
The school aid fund is estimated to total $10.7 billion, an increase of $138 million.
For fiscal 2013, revenues have been revised up by $217 million.
The new revenues will be offset by a net reduction of $1.2 billion due to changes in the state’s tax structure that reduce business taxes and increase individual taxes.
“Michigan should feel good about these numbers and the direction in which the state is now headed,” according to state budget director John Nixon.
“With a budget that is now in balance for the future and the state living within its means, we can all feel good about the fact that talks about massive budget deficits have been replaced with talks about revenue growth,” he said.
“We will remain committed to a balanced and stable budget that strengthens the long-term financial health of the state.”