MI SB0799

Revenue estimating conferences shall be held in the second week of January and third week of May each year to establish official economic forecasts and state revenue projections.

Conference principals include the state budget director or state treasurer, the director of the senate fiscal agency, and the director of the house fiscal agency, with forecasts determined by consensus among these three parties.

Conference forecasts shall cover major revenue sources including income tax, sales tax, corporate income tax, Michigan business tax, lottery transfers, school aid fund revenues, and basic foundation allowance growth for three fiscal years.

May revenue estimating conference shall establish expenditure forecasts for Medicaid and human services caseloads and expenditures for three fiscal years.

Conference shall add projected prisoner population, prison bed space availability, custody staff requirements, facility operations expenditures, and cost per prisoner for the Department of Corrections to its forecast variables.