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CREC adopts revised revenue estimates; forecasters project modest growth, cite volatility in a few tax streams
Summary
State revenue principals adopted updated general fund and School Aid Fund estimates after presentations by Treasury and the fiscal agencies. The consensus projects modest growth across the forecast window but highlighted volatility in several smaller revenue streams and risks from tariffs, tax policy and interest income.
Treasury and the legislative fiscal agencies presented updated revenue forecasts and the Consensus Revenue Estimating Conference adopted consensus estimates used for the February budget cycle.
Eric Buses of the Department of Treasury summarized agency views: forecasters expect modest U.S. and Michigan growth and a moderation in inflation. He said the agencies’ forecasts are broadly consistent with the RSQE outlook presented earlier. Buses noted that preliminary fiscal 2024 results showed some upside—Treasury estimated the state finished the year about $276 million above the May target, driven largely…
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