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Forthcoming tax relief for retirees and lower-income families is contributing to lower-than-expected state tax revenues for the 2024 state budget.

With a healthy surplus built over several years, the state adopted a series of tax relief measures. Those actions, along with robust growth in fiscal 2022 that triggered an automatic tax cut, are driving revenue projections lower.

Detroit raised its fiscal 2023 and 2024 revenue projections but is proceeding with caution as a potential recession could put a dent in collections and pressures loom as pension payments resume.

Detroit's 2023 general fund revenues are expected to be more than $39 million higher than estimates last fall anticipated, the result of higher-than-expected tax collections, new figures show.

Michigan's latest revenue forecast boosts prior projections by more than $1 billion annually for fiscal 2022, 2023, and 2024.