Bill Text: MI SB0359 | 2013-2014 | 97th Legislature | Introduced

Bill Title: State financing and management; budget; revenue estimating conferences; require to include reporting of unfunded liabilities. Amends sec. 367b of 1984 PA 431 (MCL 18.1367b).

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced - Dead) 2014-09-30 - Referred To Committee Of The Whole With Substitute S-2 [SB0359 Detail]

Download: Michigan-2013-SB0359-Introduced.html


















May 14, 2013, Introduced by Senators BOOHER, PAPPAGEORGE, PROOS, COLBECK and MOOLENAAR and referred to the Committee on Appropriations.




     A bill to amend 1984 PA 431, entitled


"The management and budget act,"


by amending section 367b (MCL 18.1367b), as amended by 2011 PA 47.




     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 shall be 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 basic foundation allowance


provided for in the state school aid act of 1979, 1979 PA 94, MCL


388.1601 to 388.1772.388.1896.


     (i) Unfunded liabilities of this state.


     (j) (i) Compliance with the state revenue limit established by


section 26 of article IX of the state constitution of 1963.


     (k) (j) Pay-ins or pay-outs required under the countercyclical


budget and economic stabilization fund.


     (4) The conference's official forecast of economic and revenue


variables shall be determined by consensus among the principals.


     (5) The forecasts required by this section shall be 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




     (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 official conference forecasts of revenues and


expenditures shall be based upon the assumption that the current


law and current administrative procedures will remain in effect for


the forecast period.