The Michigan State Consensus Revenue Estimating Conference had a bit of good news on Monday when they reported a less disastrous economic situation than had been predicted in May.
The State Treasurer, State Budget Director, and both Senate and House Fiscal Agency Directors reached consensus on revised economic and revenue figures for the remainder of Fiscal Year 2020 and for the upcoming 2021 and 2022 fiscal years, according to a press release from the Michigan Department of Treasury.
State Treasurer Rachael Eubanks said, “The good news is that the decline in revenues have not been as severe as we forecasted in May in the early days of the pandemic; however, we are still down nearly $1 billion overall from January’s forecast.” She went on to say that federal aid helped the state.
State Representative Shane Hernandez also credited federal aid with the rosier outlook, but not as a permanent solution. Hernandez said, “Two things must happen right now: The economy must be safely and fully reopened, and we must make wise, conservative budget decisions to avoid bigger problems in the near future.”
Reporting for WGRT – Jennie McClelland