house fiscal agency

Research Seminar in Quantitative Economics

Over the next two years, the state of Michigan should recover about 40 percent of jobs lost during a nearly decade-long recession, says one University of Michigan economics professor.

George Fulton, director of the Research Seminar in Quantitative Economics, told a group of state officials that Michigan is expected to enter its fourth year of a moderate but sustained economic recovery.

Speaking at the state’s biannual revenue-estimating conference Friday, Fulton said Michigan still has progress to make.

Steve Carmody

A new report says Michigan is collecting more in tax revenues than previous guessed.

The state House Fiscal Agency reports that revenues in the General Fund and School Aid Fund are running nearly 200 million dollars higher than previously estimated for this fiscal year.

The agency predicts revenues will also be slightly higher in the next fiscal year.

“General Fund revenues are fluctuating more than school aid. It does appear at this time that there may be more money in school aid,” says Ari Adler, the spokesman for House Speaker Jase Bolger.   “But again, these are revenue estimates. We’ll know more on Wednesday when they have the final Revenue Estimating conference for this year. And we can get a better handle on how much money we’re expected to have.”

Adler says legislative leaders hope to pass a budget for next year by the end of the month. The next fiscal year begins October 1st.

Michigan Municipal League / Flickr

Mitch Bean, the Director of the state’s nonpartisan House Fiscal Agency will outline parts of Governor Rick Snyder’s budget proposal later today.

Bean will talk about the Governor’s budget proposal and answer questions this evening at Muskegon Community College.

The state faces an estimated $1.4 billion budget deficit for the fiscal year that begins October 1st.