2024 Consensus Revenue Estimating Conference

In good news, economists painted a positive picture of the state's economic outlook at the Consensus Revenue Estimating conference held on January 12, 2024. 

The revenue predictions were made during this twice-a-year meeting in which economists and leaders of the state budget office and the House and Senate fiscal agencies come to a common understanding of how much tax revenue the state will have in the coming years. The estimates are used as guides to develop the annual state budget.

The state is expected to bring in about $31.5 billion in tax revenue for the current 2023-24 fiscal year, an increase of about $418 million from prior estimates made in May but a slight decrease from the prior year. Tax revenue for the 2024-25 fiscal year is expected to be $32.3 billion, about $146.9 million higher than predicted in May.

“Today's numbers reflect revenues that are consistent with expectations, and that’s not a small thing,” stated State Treasurer Rachael Eubanks. “The economy is strong and stable…and we are returning to those pre-pandemic norms.” 

For 2024-25, officials are predicting revenue will increase by 2.5 percent. Specifically, the officials agreed the General Fund is coming in $359.1 million higher in 2023-24 than originally estimated in May and the School Aid Fund $58.8 million higher. For 2024-25, officials estimated the General Fund will be $105.8 million higher than what was agreed to in May and the School Aid Fund $41.1 million higher.

Governor Whitmer's fiscal year 2024-25 budget proposal will be presented on February 7 before a joint hearing of the legislative appropriations panels.