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Administration, Fiscal Agencies Reach Consensus on Revenue Estimates
May 16, 2025
LANSING, Mich. – State Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary today reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2025 and the upcoming 2026 and 2027 fiscal years.
“Governor Whitmer’s plan to put more money in the pockets of Michiganders is working,” State Treasurer Rachael Eubanks said. “Record refund amounts are going to retirees, working families and more, providing relief at a time when tariffs and economic uncertainty from the federal government is impacting Michiganders in every corner of the state. States around the country are facing uncertainty with federal trade and tax policy, and Michigan is no different. Like other states, we are reassessing our revenue picture for the next two upcoming fiscal years.”
Overall Revenue Forecast (General Fund and School Aid Fund Combined)
|
Fiscal Year |
May 2024 |
January 2025 |
May 2025 |
|
FY 2025 |
$32.40 billion |
$33.18 billion |
$33.04 billion |
|
FY 2026 |
$33.46 billion |
$34.37 billion |
$34.05 billion |
|
FY 2027 |
N/A |
$35.10 billion |
$34.74 billion |
General Fund
|
Fiscal Year |
May 2024 |
January 2025 |
May 2025 |
|
FY 2025 |
$14.26 billion |
$14.72 billion |
$14.49 billion |
|
FY 2026 |
$14.89 billion |
$15.48 billion |
$15.11 billion |
|
FY 2027 |
N/A |
$15.74 billion |
$15.34 billion |
School Aid Fund
|
Fiscal Year |
May 2024 |
January 2025 |
May 2025 |
|
FY 2025 |
$18.15 billion |
$18.46 billion |
$18.54 billion |
|
FY 2026 |
$18.57 billion |
$18.89 billion |
$18.93 billion |
|
FY 2027 |
N/A |
$19.35 billion |
$19.40 billion |
These revenue estimates are based on the most recent economic projections and forecasting models. As with any economic and revenue forecast, there are potential risks to the estimates agreed to today, including unexpected changes in the national economy and international economic issues.
“Today we received an update on revenue projections from the state’s economists that shows the impact of uncertainty at the federal level to Michigan,” said State Budget Director Jen Flood. “Armed with this updated information we’ll continue working with our legislative partners to enact a full budget by the July 1 deadline that focuses on the fundamentals – lowering costs, supporting our seniors, and helping our students learn.”
FY 2025 spans from Oct. 1, 2024, to Sept. 30, 2025, while FY 2026 spans from Oct. 1, 2025, to Sept. 30, 2026. FY 2027 begins on Oct. 1, 2026.
The May Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from today’s session – can be found at www.michigan.gov/crec.
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