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

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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

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SENATE BILL No. 359

 

 

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.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     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

 

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 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.