Michigan Projects $2 Billion Decline in Tax Revenues
(May 15, 2020 3:51 PM) State Treasurer Rachael Eubanks, State Budget Director Chris Kolb, Senate Fiscal Agency Director Chris Harkins and House Fiscal Agency Director Mary Ann Cleary today reached consensus on economic and revenue figures for the remainder of Fiscal Year (FY) 2020 and for the upcoming 2021 and 2022 fiscal years. Following today’s Consensus Revenue Estimating Conference, net FY 2020 General Fund-General Purpose (GF-GP) revenue is projected at $9.0 billion, down almost $2.0 billion from estimates agreed to in January. Net FY 2020 School Aid Fund (SAF) revenue is now estimated at $12.7 billion, down $1.2 billion from January. Combined, GF-GP and SAF estimates have been revised down approximately $3.2 billion for FY 2020. “The COVID-19 pandemic is a crisis unlike any we have seen before,” State Treasurer Rachael Eubanks said. “This public health emergency is the root of the revenue shortfalls we are experiencing. With the state income tax deadline now in July, we will have a better revenue picture after an additional conference later this summer.” Net GF-GP revenue for the FY 2021 — which begins Oct. 1 — is now forecasted at $9.3 billion, down $1.9 billion from January’s estimate, while the FY 2020 SAF…

