Today there was some cautious optimism over Michigan's economic future by several economists who spoke at the Consnsus Revenue Estimating Conference. There was a mix of good and bad news regarding estimates on revenue compared to the prior estimates agreed upon in January. Since the January estimates were agreed upon, the state's current year general fund is down approximately $243 million. However, the School Aid Fund is over January estimates by nearly $291 compared to January. As for 2011, the picture is slightly better. They are expecting to see about $128 million in additional general fund revenues form the January figures and $352 million more for the School Aid Fund. This will provide some slight relief for lawmakers as they attempt to balance the 2011 budget, which ws $1.7 billion in the red at the beginning of the budget process.
Summer Minnick is Director of State Affairs for the Michigan Municipal League. She can be reached at 517-908-0301 or sminnick@mml.org
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