LANSING—Senator Dave Hildenbrand (R-Lowell), Chairman of the Senate Appropriations committee, offered the following statement regarding the consensus revenue estimates agreed to at today’s meeting:
“There was a lot of positive news at today’s revenue estimating conference regarding Michigan’s continuing recovery: jobs are increasing, unemployment is down, incomes are rising, and vehicle production continues to be strong to name a few. Although we have some short term budget adjustments to make and a need to better prepare for future business tax credit liabilities that we inherited, Michigan’s budget and economy continues to strengthen.
“I look forward to working with my colleagues in the House and Governor’s office to make the necessary adjustments for the current fiscal year and prepare for the 2015-2016 budget work ahead. Over the next few months, I remain committed to working to produce a state budget that will continue to support Michigan’s growth and recovery.”
Background- Twice a year the Senate Fiscal Agency, House Fiscal Agency and the State Treasurer convene a revenue estimating conference in order to come to a consensus on the projected revenues used in establishing the state’s annual budget. Included at this meeting are presentations on the economic outlook for both the state and nation.