Insider Intelligence

Today, the biannual Consensus Revenue Estimating Conference was held in Lansing. The conference included members of the House and Senate Appropriations Committees, the directors of the House and Senate Fiscal Agencies, the State Treasurer, Nick Khouri, and the State Budget Director, Al Pscholka.  After hearing testimony from the Research Seminar on Quantitative Economics at the […]

The purpose of the Consensus Revenue Estimating Conference (CREC) is to make the best educated estimates on how much revenue the state can anticipate, based on various economic factors.  Every year, the Research Seminar on Quantitative Economics at the University of Michigan presents on their projected economic data, in addition to another industry leader. Biannually, […]

This week, the non-partisan House Fiscal Agency released revenue data for October 2017. Last month, total cash collections were $74.2 million more than October 2016, coming in at $2,924.4 million.  Below are additional highlights from the report: Net income tax revenue – $799 million in revenue last month Net Business taxes – On a fiscal […]

This week, Representative Ben Frederick (R-Owosso) introduced a resolution requiring the Michigan Legislature to present a balanced budget to the governor by July 1 each year.  The resolution has received bipartisan support, as members of both political parties signed as co-sponsors of the legislation. His proposal would amend the Michigan Constitution to establish the deadline […]

Last Friday afternoon, Governor Rick Snyder signed the budgets appropriating funds for the 2017-2018 Fiscal Year, beginning on October 1.  The total investment plan for the state, including federal funding, totals $56.5 billion.  Highlights of the budget include: $115.5 million for business attraction Increased foundation allowance in K-12 schools of $60-$120 per pupil A 2% […]

This week, the House and Senate gave their approval for the two omnibus budgets providing appropriations for the upcoming 2017-2018 Fiscal Year.  Over the past few weeks there have been questions if the budgets would be completed prior to the end of June, but ultimately the legislature was successful in meeting their self-imposed deadline of […]

This week, the remaining conference committees reported budgets.  This momentum is needed in order for the legislature to wrap-up the budgets for the upcoming fiscal year by their self-imposed deadline of prior to the end of June.  However, House and Senate leadership are pushing for reforms to the teacher’s pension system as part of the […]

This week, legislative movement continued on the budget for the upcoming 2017-2018 Fiscal Year.  Following last week’s approval of the budgets in different forms, the House and Senate appointed conference committee members for each of the budgets.  Additionally, a few of the conference committees negotiated agreements and voted to report their budget from the committee […]