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Mich. has nearly $1B more than expected for budget

LANSING, Mich. (AP) - Gov. Rick Snyder and lawmakers have nearly $1 billion more than expected when crafting Michigan's next budget.

The Snyder administration and economists on Friday agreed the state will take about $975 million more in tax revenue from last fiscal year through the next budget year than was forecast eight months ago.

The consensus revenue estimate is good news, and now the debate will ramp up over what to do with the surplus. Tax cuts, more road repairs and extra money for education are on the table.

Snyder will propose his budget recommendation in February. The Republican-led Legislature wants to finalize the spending plan around Memorial Day.

Before finalizing the budget, legislators will get another revenue forecast in May.