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Michigan ends 2012 with a surplus


LANSING (WKZO) -- Preliminary figures show that the state of Michigan ended 2012 with a 1.2-billion-dollar surplus.  According to a Senate Fiscal Agency report, the state ended the fiscal year with fund balances of more than 1.2-billion dollars, including a one-billion dollar surplus in the state's general fund.

Officials warn that the state will need the funds over the next two years, as revenues are forecast to drop.  Analysts project revenues will drop over 370-million dollars in 2013 and 275-million dollars in 2014, mainly due to the elimination of the Michigan Business Tax.