State Treasurer Andy Dillon, Senate Fiscal
Agency Director Ellen Jeffries, and House Fiscal Agency Director Mitchell E.
Bean today reached a consensus on economic and revenue figures for the
remainder of Fiscal Year (FY) 2011 and for FY 2012, which begins October 1,
2011.
Following today's Revenue Estimating
Conference, net FY 2011 General Fund-General Purpose (GF-GP) revenue is
projected at $7.228 billion, $131 million above estimates agreed to at last
May's revenue conference. Net FY '11 School Aid Fund (SAF) revenue is now
estimated at $10.979 billion, up $146 million from May. Combined, GF and SAF
estimates are up $277 million for FY11.
Net GF-GP revenue for the 2012 Fiscal Year is
forecasted to be $7.294 billion with net FY '12 SAF revenue projected at
$11.194 billion.
"With employment expected to show modest
increases going forward, Michigan's unemployment rate is expected to begin to
trend downward over the next several months," said State Treasurer Andy
Dillon, following his first Consensus Revenue Estimating Conference. "With
modest economic growth expected in 2011 and 2012, we will need a continued
emphasis on creating jobs in Michigan to ensure the economy and consumer
confidence continues to grow."
Today's revenue estimates will be used to
develop Governor Rick Snyder's FY 2012 Executive Budget recommendation, which
will be presented to a joint session of the House and Senate Appropriations
Committees next month.
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