Lansing, MI - State Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary have reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2023 and 2024 and the initial forecast 2025 fiscal year.
Overall Revenue Forecast (General Fund and School Aid Fund Combined)
|
Fiscal Year |
May |
January |
Change from |
|
FY 2023 |
$31.17 billion |
$32.41 billion |
$1.24 billion |
|
FY 2024 |
$31.67 billion |
$32.94 billion |
$1.26 billion |
General Fund
|
Fiscal Year |
May |
January |
Change from |
|
FY 2023 |
$13.97 billion |
$14.78 billion |
$0.80 billion |
|
FY 2024 |
$14.23 billion |
$15.09 billion |
$0.86 billion |
School Aid Fund
|
Fiscal Year |
May |
January |
Change from |
|
FY 2023 |
$17.20 billion |
$17.64 billion |
$0.44 billion |
|
FY 2024 |
$17.44 billion |
$17.85 billion |
$0.40 billion |
In addition to FY 2023 and FY 2024 forecasts, initial revenue estimates for FY 2025 were released.
|
Fiscal Year |
General |
School Aid |
Overall |
|
FY 2025 |
$15.55 billion |
$18.26 billion |
$33.80 billion |
“Our economy continues to thrive and revenues for our current fiscal year have once again exceeded expectations,” State Treasurer Rachael Eubanks said. “Although the last couple of years have provided an extraordinary revenue picture, we must be thoughtful and deliberative about our policy choices due the uncertainty on the horizon.”
These revenue estimates are based on the most recent economic projections and forecasting models. As with any economic and revenue forecast, there are potential risks to the estimates agreed to today, including further pandemic issues, unexpected changes in the national economy, and international economic issues.
“Today’s conference illustrates why the consensus is a pivotal part of the State’s budget process,” said State Budget Director Christopher Harkins. “I remain optimistic about the strength of Michigan’s economy and these consensus numbers suggest continued growth in revenues over the next several years. The nature of this forecast also reminds us that revenues may fluctuate, and it remains important that we continue to ensure that any available one-time revenues be used for one-time investments to grow and build Michigan.”
FY 2023 spans from Oct. 1, 2022, to Sept. 30, 2023, while FY 2024 spans from Oct. 1, 2023, to Sept. 30, 2024. FY 2025 begins on Oct. 1, 2024.
The January Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from today’s session – can be found at Senate Fiscal Agency website.