​MICHIGAN: Administration, House, & Senate Revenue Forecasts, Fiscal Years 2021-2023

​Last week, principals from the Administration, House, and Senate met to hold the January 2021 Consensus Revenue Estimating Conference (CREC) to agree to the revenue estimates that will be the basis for the Executive Budget for 21-22 fiscal year.

While the economic forecast and the predictions are muddled by the ongoing pandemic, the forecast has improved since the onset of the pandemic last March and today the estimates for the next budget saw a narrowing of the anticipated revenue gaps compared to previous estimates. 

Here are the numbers: 

• The General Fund is expected to decline by $533.1 million or -4.9%
• The School Aid Fund is expected to grow by $27.8 million or 0.2%
• Overall, this is a decline of $505.3 million.

The revenue picture improves and sees growth but even the $505.3 million decline is an improvement of $1.2 billion from the August consensus estimate.

With the estimate finalized the Governor and her team will prepare and present her budget to the legislature and the work to put a balanced budget in place before the Constitutionally required October 1 deadline will begin. 

Click here for the executive summary.