Michigan Could See $1 Billion Surplus This Year

According to a Detroit News report, Michigan's state government has wrapped up the fiscal year with a budget surplus estimated to be between $800 million to $1 billion.

A study released in December by the Senate Fiscal Agency estimated that the state's general fund ended the year with a $242 million surplus, while the school aid fund ended with a $645 million surplus. The report also credited the resurgence of the U.S. auto industry for helping to aid the state's recovery.

The agency's study will be one of three considered later this month as part of Michigan's consensus revenue estimate, which is part of the budgeting process for the coming year. The two other reports are generated by the House Fiscal Agency and the state Department of Treasury.