Treasury Logo
*FOR IMMEDIATE RELEASE
**January 10, 2025*
*Contact: Ron Leix <
[email protected]>, Treasury, 517-335-2167*
*Administration, Fiscal Agencies Reach Consensus on Revenue Estimates [ [link removed] ]*
"Revenues Up from May Forecast, Economy Stable"
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) 2025, the upcoming 2026 fiscal year and the initial forecast for the 2027 fiscal year.
“The state of Michigan heard good news today from our leading economists,” State Treasurer Rachael Eubanks said. “Our revenue estimates have exceeded expectations, with forecasts projecting a half a billion dollar increase this fiscal year and modest increases in future years. In addition, Michigan’s economy is showing positive signs. Inflation is cooling, the labor market is stable and incomes are growing. We are in a great position as the budget process begins.”
*Overall Revenue Forecast (General Fund and School Aid Fund Combined)
*
* Fiscal Year *
* May 2024*
* January 2025 *
* Change from May to January *
* FY 2025*
$32.40 billion
$33.18 billion
$770.4 million
* FY 2026*
$33.46 billion
$34.37 billion
$910.2 million
*
General Fund
*
* Fiscal Year *
* May 2024*
* January 2025 *
* Change from May to January *
* FY 2025*
$14.26 billion
$14.72 billion
$457.7 million
* FY 2026*
$14.89 billion
$15.48 billion
$591.2 million
*
School Aid Fund
*
* Fiscal Year *
* May 2024*
* January 2025 *
* Change from May to January *
* FY 2025*
$18.15 billion
$18.46 billion
$312.7 million
* FY 2026*
$18.57 billion
$18.89 billion
$319.0 million
*In addition to FY 2025 and FY 2026 forecasts, initial revenue estimates for FY 2027 were released.*
* Fiscal Year *
* General Fund *
* School Aid Fund *
* Overall*
* FY 2027*
$15.74 billion
$19.35 billion
$35.10 billion
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 unexpected changes in the national economy and international economic issues.
“Michigan’s economy is strong and we’re well positioned going into 2025,” said State Budget Director Jen Flood. “Our budget will focus on growing our economy, lowering costs for Michiganders, and helping kids learn. We look forward to working with leaders in both parties to pass a budget by the July 1 deadline.”
FY 2025 spans from Oct. 1, 2024, to Sept. 30, 2025, while FY 2026 spans from Oct. 1, 2025, to Sept. 30, 2026. FY 2027 begins on Oct. 1, 2026.
The January Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from today’s session – can be found at www.michigan.gov/crec [ [link removed] ].
# # #
________________________________________________________________________
This service is provided to you at no charge by the Michigan Department of Treasury.
Lansing, Michigan 48922 | 517-335-7508 | Contact Us [ [link removed] ]
Having trouble viewing this email? View it as a Web page [ [link removed] ].
Bookmark and Share [ [link removed] ]
Manage your Subscriptions or Unsubscribe [ [link removed] ]
Get personalized voter information on early voting and other topics at Michigan.gov/Vote [ [link removed] ].
________________________________________________________________________
This email was sent to
[email protected] using GovDelivery Communications Cloud on behalf of: Michigan Department of Treasury · Lansing, MI 48922 · 517-335-7508
body .abe-column-block { min-height: 5px; } table.gd_combo_table img {margin-left:10px; margin-right:10px;} table.gd_combo_table div.govd_image_display img, table.gd_combo_table td.gd_combo_image_cell img {margin-left:0px; margin-right:0px;}
