Michigan Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary last Friday reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2022 and for the upcoming 2023 and 2024 fiscal years.
“Michigan’s economy has momentum and there is a lot to be optimistic about,” Eubanks said. “Today’s revenue numbers for Fiscal Year 2022 are projected to be nearly $3 billion more than our January conference. This is incredible during these extraordinary times. Moving forward, we must be deliberative when choosing the best way to use our extra revenues, because we don’t know what the future may bring.”
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 last Friday, including further COVID-19 outbreaks, unexpected changes in the national economy, and international economic issues.
“The news from today’s Consensus Revenue Estimating Conference is good news as we continue to see strong economic performance in our state,” said State Budget Director Christopher Harkins. “It remains imperative that we continue to budget responsibly and with an eye toward the future. One-time resources should be used for strategic investments that won’t create budget gaps in the coming years. I look forward to working with our legislative partners to get a budget enacted that will benefit all Michigan residents.”
FY 2022 spans from October 1, 2021, to September 30, 2022, while FY 2023 spans from October 1, 2022, to September 30, 2023. FY 2024 begins on October 1, 2023.
The May Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from last Friday’s session – can be found at Michigan.gov/CREC.
