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Michigan's State Budget
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What is the purpose of the Revenue Estimating Conference?
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Answer:
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The Revenue Estimating Conference held each January is a major part of the budget process. During the conference, national and state economic indicators are used to formulate an accurate prediction of revenue available for appropriation in the upcoming fiscal year. This conference first convened in 1992, pursuant to Act No. 72 of the Public Acts of 1991. The principal participants in the conference are the State Budget Director and the Directors of the Senate and House Fiscal Agencies or their respective designees. Other participants may include the Governor and senior officials from the Department of Treasury.
Before and after the Revenue Estimating Conference, the State Budget Office, the Executive Office and the state departments hold briefings and hearings in order to review requests and prepare recommendations. The Governor makes his final budget decisions in December prior to the presentation to the Legislature.
A second Revenue Estimating Conference takes place in June of each year. Its purpose is to provide an updated consensus forecast of anticipated revenues for the Executive Budget. Upon completion of the revised consensus revenue estimate, legislative leadership meets with the State Budget Director in an attempt to establish final spending targets for each state department. The process of target setting also involves discussion and attempts for agreement on other overall budget issues including boilerplate, revenue bills, and other statutory changes to be included in the final budget. Reports of the agreements reached during target setting are then provided to the Legislature.
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