Thursday, January 6, 2011

The Michigan Revenue Conference

The Michigan Revenue Conference will take place January 14, 2011, in Lansing.   This is where the State balances its checkbook.  Although the money has already been spent, the government has to make sure that the taxes collected actually meet the budget as spent.  At this meeting, we will find out about actual tax collections for closing out this fiscal year and preparing for next fiscal year, including how much will be available per pupil for the 2011-12 school year.

The Michigan Senate has a fiscal agency of its own that has already estimated what the meeting will find.  This information was revealed in December, earlier than usual and at that time, it was estimated that although Michigan's General Fund (everything but K-12 education) is $1.8 billion in the hole, that the School Aid Fund is well funded.  This is good news, but we must remain vigilant that the School Aid Fund isn't raided to fund other parts of the budget.