Michigan: Administration, Fiscal Agencies Reach Consensus on Revenue Estimates
Michimich.com/10155956

Jan. 14, 2022

LANSING, Mich. - State Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary today reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2022 and for the upcoming 2023 and 2024 fiscal years.

Overall Revenue Forecast (General Fund and School Aid Fund Combined)

	May 2021	January 2022	Change from May to January
FY 2022	$26.80 billion	$28.53 billion	$1.72 billion
FY 2023	$27.70 billion	$29.14 billion	$1.40 billion

General Fund

	May 2021	January 2022	Change from May to January
FY 2022	$11.67 billion	$12.45 billion	$776.6 million
FY 2023	$12.27 billion	$12.89 billion	$621.4 million

School Aid Fund

	May 2021	January 2022	Change from May to January
FY 2022	$15.13 billion	$16.08 billion	More on Michimich.com Strategic Partnerships with Defiant Space Corp and Emtel Energy USA Powerfully Enhance Solar Tech Leader with NASA Agreements: Ascent Solar $ASTI 120% Revenue Surge with Four Straight Profitable Quarters Signal a Breakout in the Multi-Billion Dollar Homebuilding Market: Innovative Designs $IVDN Leading Venture Capital Firms Recognize Wzzph Exchange's Technical Architecture and Security Framework as Industry Benchmark DivX Unveils Major DivX Software Update: Seamless Video Sharing and Customizable Playback Now Available Nespolo Mechanical Helps New Mexico Families Save Thousands on Heating Costs This Fall $947.2 million
FY 2023	$15.43 billion	$16.25 billion	$819.0 million

In addition to FY 2022 and FY 2023 forecasts, initial revenue estimates for FY 2024 were released.

	General Fund	School Aid Fund	Overall
FY 2024	$13.31 billion	$16.56 billion	$29.87 billion

"Revenue growth continues to be strong as the economy recovers," State Treasurer Rachael Eubanks said. "We are also still seeing the positive impacts of the federal stimulus programs. We expect growth rates to return to more typical levels as the support of the stimulus fades."

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 COVID-19 outbreaks, unexpected changes in the national economy, and international economic issues.

"Michiganders can be excited about the economic picture that was presented today and about the revenues we have available to us to build the budget, especially when you consider it was just under two years ago when the revenue estimates did not look good during those early days of the pandemic," State Budget Director Christopher Harkins said.  "I do want to remind everyone, however, that much of this revenue is one-time in nature and should be used for one-time investments that keep our budget in balance for the long term.  I am remaining mindful of the fact that revenues can still fluctuate and change quickly during a pandemic."

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FY 2022 spans from Oct. 1, 2021, to Sept. 30, 2022, while FY 2023 spans from Oct. 1, 2022, to Sept. 30, 2023. FY 2024 begins on Oct. 1, 2023.

The January Consensus Revenue Estimating Conference's detailed forecast - as well as presentations from today's session - can be found at Michigan.gov/CREC.

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Press Contacts: Danelle Gittus or Ron Leix, Treasury Public Information Officers, at 517-335-2167

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