Sec. 367b.
(1) A revenue estimating conference shall be held in the second week of January and in the third week in May of each year, and as otherwise provided in this act.
(2) The principals of the conference are the state budget director or the state treasurer, the director of the senate fiscal agency, and the director of the house fiscal agency, or their respective designees.
(3) The conference shall establish an official economic forecast of major variables of the national and state economies. The conference shall also establish a forecast of anticipated state revenues as the conference determines including the following:
(a) State income tax collections.
(b) State sales tax collections.
(c) Corporate income tax collections.
(d) Michigan business tax collections.
(e) Total general fund/general purpose revenues.
(f) Lottery transfers to the school aid fund.
(g) Total school aid fund revenues.
(h) Annual percentage growth in the target foundation allowance provided for in the state school aid act of 1979, 1979 PA 94, MCL 388.1601 to 388.1897l. In establishing this forecast in January and May of 2020, the conference shall take into account the change in terminology from "basic foundation allowance" to "target foundation allowance" that occurred in the amendments made to section 20 of the state school aid act of 1979, 1979 PA 94, MCL 388.1620, for the 2019-2020 fiscal year.
(i) Compliance with the state revenue limit established by section 26 of article IX of the state constitution of 1963.
(j) Pay-ins or maximum allowable pay-outs under the countercyclical budget and economic stabilization fund.
(4) The conference shall determine its official forecast of economic and revenue variables by consensus among the principals.
(5) The conference shall make forecasts under this section for the fiscal year in which the conference is being held and the next 2 ensuing fiscal years. The conference shall also forecast general fund/general purpose revenue trend line projections and school aid fund revenue trend line projections for the next 2 ensuing fiscal years.
(6) The May revenue estimating conference shall establish expenditure forecasts for Medicaid expenditures and for human services caseloads and expenditures for the fiscal year in which the conference is being held and the next 2 ensuing fiscal years.
(7) The conference shall make official conference forecasts of revenues and expenditures based upon the assumption that the current law and current administrative procedures will remain in effect for the forecast period.
History: Add. 1991, Act 72, Imd. Eff. July 11, 1991 ;-- Am. 1999, Act 8, Imd. Eff. Mar. 22, 1999 ;-- Am. 2007, Act 183, Imd. Eff. Dec. 21, 2007 ;-- Am. 2011, Act 47, Imd. Eff. May 27, 2011 ;-- Am. 2018, Act 613, Eff. Mar. 29, 2019 ;-- Am. 2020, Act 157, Imd. Eff. Sept. 17, 2020 Compiler's Notes: Former MCL 18.1367b, which pertained to revenue estimating conference, principals, and forecasts, was repealed by Act 72 of 1991, Imd. Eff. July 11, 1991.Popular Name: Act 431Popular Name: DMB
Structure Michigan Compiled Laws
Chapter 18 - Department of Management and Budget
Act 431 of 1984 - The Management and Budget Act (18.1101 - 18.1594)
Article 3 - (18.1301...18.1397)
Section 18.1301 - Meanings of Words and Phrases.
Section 18.1302 - Definitions; A.
Section 18.1303 - Definitions; D to P.
Section 18.1304 - Definitions; S.
Section 18.1305 - Definitions; T, U.
Section 18.1331 - Information; Assistance.
Section 18.1341 - Executive State Budget; Evaluations; Review.
Section 18.1342 - Economic Analysis, Revenue Estimating, and Monitoring Activity.
Section 18.1343 - Statistical Studies; Population Estimates and Projections.
Section 18.1345 - State Mandated Programs; Costs; Recommendations.
Section 18.1347 - Hearings; Attendance.
Section 18.1350 - State Spending Paid to Units of Local Government; Refunds or Other Repayments.
Section 18.1350a - Additional Definitions.
Section 18.1350b - Prohibited Taxes; Revenue Limit; Report.
Section 18.1350d - Revenues Required to Be Refunded; Procedures.
Section 18.1352 - Transfer of Funds Based on Annual Growth Rate; Formula.
Section 18.1353 - Repealed. 2018, Act 613, Eff. Mar. 29, 2019.
Section 18.1353a, 18.1353b - Repealed. 1999, Act 8, Imd. Eff. Mar. 22, 1999.
Section 18.1353c - Repealed. 2007, Act 145, Imd. Eff. Dec. 1, 2007.
Section 18.1353d - Repealed. 1999, Act 8, Imd. Eff. Mar. 22, 1999.
Section 18.1353e, 18.1353f - Repealed. 2007, Act 145, Imd. Eff. Dec. 1, 2007.
Section 18.1354a - Repealed. 1999, Act 8, Imd. Eff. Mar. 22, 1999.
Section 18.1356 - Balance in Fund; Rebate of Excess.
Section 18.1357 - Shortfall in State General Fund - General Purpose Revenue.
Section 18.1358 - Emergency Appropriation From Fund; Conditions; Additional Transfer.
Section 18.1360a - Expenditure of Money; Limitation.
Section 18.1361 - Submission of Tax Credit, Deduction, and Expenditure Report.
Section 18.1362, 18.1362a - Repealed. 1999, Act 8, Imd. Eff. Mar. 22, 1999.
Section 18.1365 - Appropriation Bills; Passed and Presented on or Before July 1.
Section 18.1366 - Financing and Maintenance of State Agency Subject to Act.
Section 18.1367a - “Conference” and “Principal” Defined.
Section 18.1367b - Revenue Estimating Conference; Principals; Forecasts.
Section 18.1367c - Requests by Conference for Assistance and Data.
Section 18.1367d - Conference Procedures.
Section 18.1367e - Publication of Economic and Revenue Forecasts.
Section 18.1367f - Convening Conference Upon Request of Principal.
Section 18.1367g - Repealed. 1991, Act 72, Imd. Eff. July 11, 1991.
Section 18.1369 - Item or Items Vetoed by Governor; Funding From Other Source.
Section 18.1381 - New or Expanded Programs.
Section 18.1382 - Repealed. 1999, Act 8, Imd. Eff. Mar. 22, 1999.
Section 18.1386 - Monthly Financial Reports; Preparation; Transmittal; Contents.
Section 18.1389 - Withholding of Payment to Municipality; Purpose; Report; “Municipality” Defined.
Section 18.1392 - Reduction of Line Item Appropriations in Subsequent Legislation.
Section 18.1397 - Repealed. 2018, Act 613, Eff. Mar. 29, 2019.