LANSING―Michigan faces steep budget challenges with a projected $1.8 billion deficit for Fiscal Year 2012, but state Sen. Joe Hune said today’s Consensus Revenue Estimating Conference indicated the state’s economy is expected to improve in the coming two years.
“While I am hopeful that estimates are correct and Michigan’s economy will improve, we still face a very difficult budget deficit that must be resolved without placing further burden on taxpayers,” said Hune, R-Hamburg Twp. “For our state to improve its economy and attract and create jobs, we must reinvent the way we do things. I don’t have to remind folks that times are tough; they live it every day. Michigan families have had to adjust their spending to lowered income for years, and it’s time state government does the same.”
A key reason for the $1.8 billion state budget shortfall for 2012 is the expiration of more than $1 billion in federal stimulus dollars.
The Consensus Revenue Estimating Conference is an annual meeting in January of fiscal leaders from the Senate, House and executive branch, as well as economists from across the state. Their projections are used to draft budget proposals for the next fiscal year, which will begin Oct. 1.