Governor Rick Snyder of Michigan
LANSING, Mich. - An agreement on spending targets by the governor and legislative leaders adds funding to the budget recommendation for fiscal year 2013, with the bulk of the new funding slated for K-12 education and a reduction in personal income taxes.
Gov. Rick Snyder, Senate Majority Leader Randy Richardville and House Speaker Jase Bolger emphasized that there is still work to do before the budget is signed, but that the setting of spending targets is a significant accomplishment in moving the process forward.
"I appreciate all the hard work by our legislative leaders," Snyder said. "The agreement on spending for the 2013 budget makes strategic investments in Michigan's future and sends another strong signal to our citizens and job providers that we have our fiscal house in order."
The Snyder administration has been meeting with legislative leaders over the past several days to come to agreement on spending in light of the revenue estimating conference held last week which projected an additional $300 million in available revenue. The additional revenue is a result of both an increase in revenue as well as savings from a decrease in caseloads within the Department of Community Health and the Department of Human Services.
"Last year we set a precedent that we will no longer wait until the last minute to pass a common-sense budge for Michigan and we will deliver on that promise once again," Richardville said. "Early completion of the budget allows our schools, communities and many other entities to move forward with their own fiscal plans. We are making great strides in Michigan and forward progress on the budget is further evidence of our commitment to fiscal responsibility."
"State government doesn't have a single dollar to spend that doesn't come from taxpayers and we must handle that money responsibly," Bolger said. "With this budget agreement, people can see the focus on funding classrooms, paying down debt, putting money into savings and providing relief to individual taxpayers. I appreciate the governor and Senate majority leader working with me to provide immediate taxpayer relief within this budget. Not that long ago, no one would have believed that after just two years, Michigan would have deposited $500 million in savings while paying down billions of dollars in debt and cutting taxes. But by working together, we made it happen. Our work isn't done yet and even better things are yet to come."
Specific highlights of the target agreement include:
The fiscal year 2013 budget continues to move Michigan forward with a budget that is balanced for the long term. Snyder and legislative leaders are targeting June 1 to finish work on the budget.