MI SB0359

Requires revenue estimating conferences to be held in the second week of January and third week of May each year, with principals being the state budget director or treasurer, senate fiscal agency director, and house fiscal agency director.

Directs the conference to establish official economic forecasts for major national and state economic variables and state revenue forecasts including income tax, sales tax, corporate income tax, Michigan business tax, and general fund revenues.

Adds requirement for conference to forecast unfunded liabilities of the state and compliance with the state revenue limit under the Michigan Constitution.

Mandates the May conference establish expenditure forecasts for Medicaid and human services caseloads and expenditures for the current and next two fiscal years.

Updates reference to the state school aid act from MCL 388.1772 to MCL 388.1896 regarding basic foundation allowance provisions.