Michigan Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary last Friday reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2022 and for the upcoming 2023 and 2024 fiscal years.
“Michigan’s economy has momentum and there is a lot to be optimistic about,” Eubanks said. “Today’s revenue numbers for Fiscal Year 2022 are projected to be nearly $3 billion more than our January conference. This is incredible during these extraordinary times. Moving forward, we must be deliberative when choosing the best way to use our extra revenues, because we don’t know what the future may bring.”
These revenue estimates are based on the most recent economic projections and forecasting models. As with any economic and revenue forecast, there are potential risks to the estimates agreed to last Friday, including further COVID-19 outbreaks, unexpected changes in the national economy, and international economic issues.
“The news from today’s Consensus Revenue Estimating Conference is good news as we continue to see strong economic performance in our state,” said State Budget Director Christopher Harkins. “It remains imperative that we continue to budget responsibly and with an eye toward the future. One-time resources should be used for strategic investments that won’t create budget gaps in the coming years. I look forward to working with our legislative partners to get a budget enacted that will benefit all Michigan residents.”
FY 2022 spans from October 1, 2021, to September 30, 2022, while FY 2023 spans from October 1, 2022, to September 30, 2023. FY 2024 begins on October 1, 2023.
The May Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from last Friday’s session – can be found at Michigan.gov/CREC.
- Posted May 23, 2022
- Tweet This | Share on Facebook
Administration, fiscal agencies reach consensus on state revenue estimates
headlines Oakland County
- Annual Dinner & Meeting
- FORCE Team arrests six in prolific auto theft ring
- Michigan allocates $12 million to support community-based organizations in advancing environmental and climate justice
- Oakland County and SMART launch pilot program providing free transit for veterans and dependents
- Supreme Court sides with the Consumer Financial Protection Bureau
headlines National
- More lawyers—and clients—want to learn about sustainable development practices
- Top artificial intelligence insurance tips for lawyers
- Lawyer charged with illegally transmitting Michigan data after 2020 election
- Viral video shows former Rikers Island inmate as she learns she passed bar exam on first try
- How Sullivan & Cromwell is scrutinizing potential new hires after campus protests
- No separate hearing required when police seize cars loaned to drivers accused of drug crimes, SCOTUS rules