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) 2010 and for FY 2011, which begins October 1, 2010.
As a result of today's Revenue Estimating Conference, net FY
2010 General Fund-General Purpose (GF-GP) revenue is now projected at $6.898
billion, $51 million below estimates from last May. Net FY '10 School Aid Fund (SAF)
revenue is now estimated at $10.458 billion, down $105 million from the May
consensus. Net GF-GP revenue for the 2011 Fiscal Year is forecasted to be $6.968
billion with net FY '11 SAF revenue projected at $10.481 billion.
"While we continue to face economic uncertainties, where both
the national and state economies are concerned, we are beginning to see signs of
renewed economic growth," said State Treasurer Kleine. "However, despite growth
in the national economy over the last half of 2009 and an increase in Michigan
employment in two of the past five months, State revenue collections are not
expected to experience sustained growth until early to mid-2011."
Today's revenue estimates will be used to develop the FY 2011
Executive Budget recommendation. "Finalizing a budget recommendation for the
2011 Fiscal Year has already proven to be difficult," said Budget Director Bob
Emerson. "Today's revenue adjustments make the process all the more
challenging."
The FY 2011 Executive Budget will be presented to a joint
session of the House and Senate Appropriations Committees next month.
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