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State Treasurer, Fiscal Agencies Reach Revenue Consensus for Remainder of FY 2010 and FY '11Contact: Terry Stanton, (517) 335-2167
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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