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Consensus Revenue Estimating Conference
The May Consensus Revenue Estimating Conference will be held on Friday, May 20, 2022. The conference will begin at 9 a.m. with presentations focusing on the U.S. and Michigan economies and state government revenues. The conference will be held in person with options for virtual attendance. It will also be broadcast live through the internet for the public to observe.
The Consensus Revenue Estimating Conference (CREC) is held at least twice a year, in January and May. The January CREC starts the annual budget process for the State of Michigan. As prescribed by the Management and Budget Act, the revenue forecast adopted in the January conference is the starting point for the Governor's executive budget. The May Conference provides an update to the forecast prior to the final budget enactment. Principals of the conference are the Director of the House Fiscal Agency, Director of the Senate Fiscal Agency and either the State Treasurer or State Budget Director.
In this conference, official revenue forecasts for fiscal years 2022, 2023 and 2024 will be updated by a consensus of the principals. Under the Act, the principals also agree to consensus economic estimates, estimates of K-12 pupil membership and pupil membership adjustment factors.