At the beginning of every calendar year, the House and Senate fiscal agencies, along with the state Department of Treasury, hold the Consensus Revenue Estimating Conference to determine how much revenue the state received in the last fiscal year, and estimate how much more it will take in before the end of the fiscal year. The result of the conference is an estimated figure of how much revenue will be available for the General Fund and the School Aid Fund for the upcoming fiscal year’s budget. The first conference is traditionally held at the beginning of January, with this year’s having taken place last Thursday, Jan. 11. The conference will reconvene later this year in May to re-evaluate and adjust the revenue figures to provide a more accurate picture of the state’s revenue.
In the House Appropriations Committee this morning, we heard a presentation from the head of the House Fiscal Agency that included an overview of the results of last week’s Consensus Revenue Estimating Conference.
To view the link to the House Fiscal Agency’s presentation from this morning, go to http://www.house.mi.gov/hfa/PDF/Alpha/CREC_Recap_Presentation_HAC_%20Jan18.pdf.