Revenue Projections and Economy Strong and Stable
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) 2024 and for the upcoming 2025 and 2026 fiscal years.
“The May Consensus Revenue Estimating Conference enables us to lock-in our revenue picture after the individual income tax season,” State Treasurer Rachael Eubanks said. “Today’s consensus is that Michigan has a strong and stable revenue and economic foundation for finalizing the state budget. Our economy is adding jobs and bringing more people back to work, marking a strong recovery in labor participation. This is great news now and for our future.”
Overall Revenue Forecast (General Fund and School Aid Fund Combined)
|
Fiscal Year |
January |
May |
Change from |
|
FY 2024 |
$31.54 billion |
$31.73 billion |
$188.1 million |
|
FY 2025 |
$32.33 billion |
$32.40 billion |
$75.5 million |
|
FY 2026 |
$33.41 billion |
$33.46 billion |
$45.4 million |
General Fund
|
Fiscal Year |
January |
May |
Change from |
|
FY 2024 |
$13.60 billion |
$13.95 billion |
$351.4 million |
|
FY 2025 |
$14.02 billion |
$14.26 billion |
$235.6 million |
|
FY 2026 |
$14.71 billion |
$14.89 billion |
$178.9 million |
School Aid Fund
|
Fiscal Year |
January |
May |
Change from January to May |
|
FY 2024 |
$17.95 billion |
$17.78 billion |
-$163.3 million |
|
FY 2025 |
$18.31 billion |
$18.15 billion |
-$160.1 million |
|
FY 2026 |
$18.71 billion |
$18.57 billion |
-$133.5 million |
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 stable,” said State Budget Director Jen Flood. “I look forward to working with our partners in the legislature to finalize a budget that builds on our historic investments in kids, grows our economy, and lowers costs for families and small businesses.”
FY 2024 spans from Oct. 1, 2023, to Sept. 30, 2024, while FY 2025 spans from Oct. 1, 2024, to Sept. 30, 2025. FY 2026 begins on Oct. 1, 2025.
The May Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from today’s session – can be found at Michigan.gov/CREC.
