State Treasurer Robert J. Kleine, Senate Fiscal Agency Director Gary S. Olson, and House Fiscal Agency Director Mitchell E. Bean today reached a Consensus Agreement on economic and revenue figures for the remainder of Fiscal Year (FY) 2009 and for FY 2010.Net FY
'09 General Fund-General Purpose (GF-GP) revenue is now projected at $8.306 billion, $579 million below estimates agreed to last May. Net FY 2009 School Aid Fund (SAF) revenue is estimated at $11.369 billion, down $339 million from the May consensus. Net GF-GP revenue for the 2010 Fiscal Year is forecasted to be $7.935 billion with net FY
'10 SAF revenue projected at $11.296 billion.
"Developing these revenue estimates has been difficult, given the economic uncertainties we face today," said State Treasurer Robert J. Kleine.
"It is not clear what the immediate or long-term future holds for the domestic
auto industry and questions remain about the size and timing of a possible
federal stimulus package. Amid the national recession and with continued job
losses projected through 2010, state revenues will continue to be very weak."
Spending constraints implemented last year, an additional $500 million in carry-forward from FY
'08, and $134 million in Executive Order budget cuts recommended by Governor Jennifer M. Granholm and adopted by the legislature in December will mitigate the need for significant cuts to the current year budget. Granholm and Budget Director Bob Emerson will use today's consensus revenue figures to develop the FY 2010 Executive Budget recommendation.
"Despite the fiscal constraints created by the on-going national recession, the state must continue to provide critical services to our citizens while protecting investments in jobs, education, and health care," said Emerson.
"As the Governor has repeatedly said, accomplishing this goal is only possible if we continue to cut, reform, and downsize wherever possible."
The FY '10 Executive Budget recommendation will be presented to a joint session of the House and Senate Appropriations Committees next month.
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