Consensus has been reached in Michigan’s budget projection for the remainder of Fiscal Year 2021 and upcoming 2022 and 2023 fiscal years by the State Treasurer, State Budget Director, Senate Fiscal Agency, and House Fiscal Agency. The change from January to August for 2021 is a reduction of $2.47 billion. The change from January to August 2022 is a reduction of $1.72 billion.
State Treasurer Rachael Eubanks said, “While the pandemic has had a dramatic impact on our economy, the state of Michigan has outperformed national averages in a number of areas. While still down more than $1 billion compared to before the pandemic, today the state’s revenues were raised upwards primarily due to direct and indirect impacts from the federal stimulus.”
Eubanks went on to caution that the recovery depends on “the course of the pandemic and the additional economic relief coming from Washington D.C. There is cautious hope and optimism as we move forward as vaccines are administered, and we begin to put the pandemic behind us.”
Revenue estimates are based on the most recent economic projections and forecasting models. A link to the full report:
Consensus Revenue Estimating Conference (mi.gov)
Reporting for WGRT – Jennie McClelland
