Total state tax revenues are up by nearly $300 million since they were last estimated by state officials in January, according to consensus estimates agreed upon Wednesday by state economists and Treasurer Andy Dillon.

The increase over January projections is due to greater-than-expected sales and business taxes, combined with a decrease in cash assistance and Medicaid caseloads reported by the state departments of human services and community health.

Revenue into the School Aid Fund declined 3.3 percent to $10.87 billion, while the general fund grew by 0.6 percent to $19.94 billion in fiscal year 2011-12. The total growth in School Aid and General Fund revenue was $9.06 billion, or 2.6 percent.

Growth is School Aid and General Fund revenue is expected to dip by 1 percent in the fiscal year that starts Oct. 1, though combined School Aid and General Fund revenues will increase by 1 percent to $20.13 billion.

Gov. Rick Snyder will seek to spend the additional money on one-time expenses due to the temporary nature of the extra funds, state Budget Director John Nixon said after the estimates were announced.

"It's not like we've got a windfall today," Nixon said.

The state of Michigan overtaxed its residents by over $300 million and, rather than devise a plan to return the money to the people through a tax cut next year (helping the state economy in the process), Michigan's governor is planning to burn through Michigan taxpayers money.