Revenue Estimating Conferences held in January and May of each year play a major role in the budget process. During the conferences, national and state economic indicators are used to formulate an accurate prediction of revenue available for appropriation in the upcoming fiscal year. This conference first convened in 1992, pursuant to Act No. 72 of the Public Acts of 1991. The principal participants in the conference are the State Budget Director and the directors of the Senate and House Fiscal Agencies or their respective designees. Other participants include the governor and senior officials from the Department of Treasury.