Michigan’s tax revenues are slightly higher than anticipated, but both Gov. Gretchen Whitmer’s administration and Republicans in the Legislature say it’s not a jackpot for new spending.

Economists agreed Friday to forecasts that will help the Democratic governor propose the next budget. Economic growth will be modest. Revenues in two main funds are projected to rise 1.1% this fiscal year and 2.3% next year. Revenue could come in $321 million higher than was estimated previously.

Budget director Chris Kolb says there will be “huge pressures” on spending due to Medicaid costs, a past road-funding deal, tax cuts and other factors.