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News & Events Digest: May 2024





Concensus Revenue Estimating Conference
Administration and Fiscal Agencies Reach Consensus on Revenue Estimates; Revenue Projections and Economy Strong and Stable

State Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary on May 17 reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2024 and for the upcoming 2025 and 2026 fiscal years.

“The May Consensus Revenue Estimating Conference enables us to lock-in our revenue picture after the individual income tax season,” *State Treasurer Rachael Eubanks* said. “Today’s consensus is that Michigan has a strong and stable revenue and economic foundation for finalizing the state budget. Our economy is adding jobs and bringing more people back to work, marking a strong recovery in labor participation. This is great news now and for our future.”

Detailed tables with the revenue projections are available on Treasury's website. [ [link removed] ]

These revenue estimates are based on the most recent economic projections and forecasting models. As with any economic and revenue forecast, there are potential risks to the estimates agreed to today, including unexpected changes in the national economy and international economic issues.

“Michigan’s economy is strong and stable,” said *State Budget Director Jen Flood*. “I look forward to working with our partners in the legislature to finalize a budget that builds on our historic investments in kids, grows our economy, and lowers costs for families and small businesses.”

FY 2024 spans from Oct. 1, 2023, to Sept. 30, 2024, while FY 2025 spans from Oct. 1, 2024, to Sept. 30, 2025. FY 2026 begins on Oct. 1, 2025.

The May Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from today’s session – can be found at Michigan.gov/CREC [ [link removed] ].



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Michigan Infrastructure Council
Michigan Infrastructure Council Launches New and Improved Project Portal 2.0

The Michigan Infrastructure Council (MIC) on May 14 announced it launched the MIC Project Portal 2.0 (MiDIG). This innovative online tool revolutionizes infrastructure planning by fostering collaboration between public and private infrastructure asset managers early in the project cycle to facilitate a “dig once” approach. This approach aims to minimize disruption and cost associated with infrastructure projects by coordinating the installation of various utility lines (broadband, water, energy) during a single construction cycle.  

“MiDIG is a powerful new addition to Michigan's infrastructure toolbox. This innovative platform will make it easier and more affordable to complete essential projects in our communities, like fixing roads and bridges, improving stormwater management, and upgrading utilities,” said MIC Council Member Beverly Watts. “By working together today, we can create sustainable infrastructure systems for generations to come. MiDIG will be a critical piece in this work.”

MiDIG facilitates streamlined infrastructure planning by providing a secure, cloud-based platform for collaborative project management. This centralized repository integrates data from diverse sources (water lines, roads, etc.) and visualizes it on a geospatial map. Leveraging advanced technologies like Geographic Information Systems (GIS), Artificial Intelligence (AI), and Machine Learning (ML), MiDIG empowers planners with comprehensive project oversight. Through intelligent data analysis, MiDIG identifies potential conflicts and overlaps between projects at an early stage, enabling proactive collaboration and mitigation strategies. This proactive approach minimizes delays and ensures cost-effective project execution.

“Modernizing the way infrastructure owners plan and coordinate capital construction projects will help us ensure we dig once and maximize our infrastructure investments,” said MIC Chair Palencia Mobley, P.E. “With new functionality and increased usability, we’re eager to see how the improved portal increases coordination and outcomes.”

With the passage of the Bipartisan Infrastructure Law (BIL), Inflation Reduction Act (IRA), and CHIPS and Science Act, Michigan has a once-in-a-generation opportunity to implement transformative infrastructure, climate and economic development projects throughout the state. With MiDIG, we can stretch every infrastructure dollar further, maximizing the return on investment for Michigan communities as we rebuild and strengthen our infrastructure for the future.

“Michigan has brought home more than $10 billion to rebuild our infrastructure through President Biden’s Bipartisan Infrastructure Law and we have a duty to spend those funds as efficiently and effectively as possible, said Zachary Kolodin, chief infrastructure officer and director of the Michigan Infrastructure Office. “MiDig will enable Michigan to implement a ‘Dig Once’ policy – synchronizing road, water, and broadband infrastructure work to minimize disruption and save taxpayer dollars.” 

In addition to MiDIG, MIC offers the Asset Management Champions [ [link removed] ] program. This free program is available to all infrastructure owners and sets out to establish a network of individuals and organizations to help strengthen and "champion" best practice asset management across Michigan's complex infrastructure environment.

To learn more information about the Michigan Infrastructure Council, please visit  [ [link removed] ]www.michigan.gov/mic [ [link removed] ].

*About the Michigan Infrastructure Council*

Cultivating partnerships that strengthen Michigan's Infrastructure to provide the foundation for public and environmental health, economic prosperity and quality of life.



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Michigan Education Trust Podcast

Michigan's State Treasurer Rachael Eubanks and her guest, Megan Patino, deputy director of the Michigan Education Trust (MET), discuss the many benefits a Michigan 529 Education Savings Plan. [ [link removed] ]



Spring Medicaid

The sun is shining, and it’s the season for renewal. If you received a #Medicaid renewal packet, complete and return the paperwork as soon as possible to keep access to your family’s benefits. [ [link removed] ]






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Organ Donor
Michigan Organ Donor Registry sees major growth thanks to Check Your Heart Act

Thanks to the Check Your Heart Act [ [link removed] ], the Michigan Organ Donor Registry has 12,475 new registrants. This increased volume resulted in year-over-year growth for the Donor Registry for the first time since 2021, with 73,357 new registrations taking place between January and April 2024.

“The Check Your Heart Act did exactly what we had hoped it would do,” said Dorrie Dils, President and CEO, Gift of Life Michigan. “It helped us provide an easy and unique way for residents to document their decision to save lives, and ultimately grow the Donor Registry. We are so grateful for the support of our friends at the Michigan Department of Treasury [ [link removed] ] who helped make this a reality.”

Gov. Gretchen Whitmer signed the Check Your Heart Act into law [ [link removed] ] in July 2023, making Michigan the first in the nation to allow residents to sign up as organ, eye and tissue donors on their state income tax forms. The bill was sponsored by representatives Felicia Brabec of Pittsfield Township, Cynthia Neely of Flint and Natalie Price of Berkley.

*“*Michiganders have long been able to join the registry when renewing their drivers’ licenses,” said State Treasurer Rachael Eubanks. “This year, we became the first in the nation to allow people to register when filing their individual income taxes. The new process is easy, secure and leverages the tax forms that people file each year. We hope this is just the beginning and other states follow Michigan’s lead.”

Prior to the Check Your Heart Act, the Donor Registry was growing at a significantly slower pace than in previous years. This is due to a variety of factors, including less in-person visits to the Secretary of State [ [link removed] ] where 95 percent of new sign-ups take place. As of today, 17 percent of new sign-ups can be attributed to the tax form question.

Thanks to the tax forms, over 171,000 residents checked the box to join the Donor Registry, for many reaffirming their decision to save lives. Currently, more than 4.5 million Michigan residents are on the Donor Registry. About 2,500 Michigan residents are waiting [ [link removed] ] for a life-saving organ. The best way to save lives is by joining the Donor Registry.  To register or learn more about the donation process, visit giftoflifemichigan.org [ [link removed] ].



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Big Chairs
‘Big Chair’ unveiled at Metroparks to promote Michigan Education Trust savings plans for students’ future

Pre-school children from a local day care facility shared a newly installed giant wooden chair with 2023 Miss Michigan *Maya Schuhknecht* during Michigan Education Trust’s “Sit with MET” event on May 29 at Kensington Metropark to promote Michigan’s Section 529 prepaid tuition educational savings plan.

MET Executive Director *Diane Brewer* kicked off the event, which coincided with *National 529 Day*, by telling children from *Rosebrook Child Development Center in Wixom* and parents that “MET wants to help your family and families all over Michigan save money so you and other kids can be whatever they want to be when they grow up.”

She added, “MET wants your families to know that the gift of learning begins with reading in the same way that the gift of education begins with saving for school and there’s no place more fun to read than in a giant chair in the park.”

Since it was signed into law more than 35 years ago as Michigan’s Section 529 prepaid tuition program, MET’s objective has been to help families financially prepare for their children’s educational future by prepurchasing future tuition at today’s rates.

The installation of the oversized Adirondack chair at Kensington Metropark and another one at Lake St. Clair Metropark are part of a new sponsorship arrangement between MET and Huron-Clinton Metroparks.

“As we focus on expanding supplemental science learning, field trips and other educational programs through our Metroparks and Me initiative, I am reminded of the similar focus that MET has to expand education opportunities for students in Michigan,” said *Jim O’Brien*, Metropark’s district superintendent. “We are honored to have MET as one of our sponsors this year and excited to house this giant and creative chair here at Kensington and Lake St. Clair Metropark this summer for visitors to enjoy.”

As part the program, Miss Michigan 2023 Schuhknecht memorialized the unveiling in a painting she created as the children looked on. Schuhknecht is a professional artist and speed painter. She is the first pageant winner to highlight speed painting in the talent portion of the scholarship contest.

“I went to college to become an artist,” Schuhknecht told the children. “I am living my dream and I want all of you and other children to live your dreams with help from the Michigan Education Trust.”

MET is offering *financial incentives to new and existing customers from now to May 31, 2024. See rules and eligibility requirements.* [ [link removed] ]

Additionally, MET holds events periodically throughout the state to provide attendees the opportunity to purchase a MET contract. Representatives from MET are available at the events to help educate people on the features and benefits of each plan and offer tips to parents, grandparents and others on saving for college. MET also offers one-on-one consultation sessions for those unable to attend one of the events.



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Storm Tax Relief
State Treasury Department Providing Individuals, Businesses Tax Relief due to Governor’s Emergency Declaration in Southwest Michigan

With Gov. Gretchen Whitmer declaring a “state of emergency” for Kalamazoo, St. Joseph, Branch and Cass counties [ [link removed] ] due to severe weather on May 7, the Michigan Department of Treasury is providing an opportunity for severe storm and tornado survivors to obtain tax relief.

Individual and business taxpayers who reside in the emergency area can request additional time to file state tax returns and pay state tax bills, with penalties and interest waived [ [link removed] ]. These four southwest Michigan counties have been severely affected by strong winds and tornadoes, causing damage to homes, businesses and public infrastructure.

“Families and businesses in southwest Michigan need relief to recover from the severe storms and tornadoes,” said State Treasurer Rachael Eubanks. “Impacted individuals should not have to worry about paying a state tax bill or filing a state return – they need to focus on their recovery. If taxpayers need more time to file and pay because of the emergency, there will not be any late penalties or interest. We will get through this challenge together.”  

To request relief due to this emergency, individuals unable to meet filing or payment deadlines should contact Treasury at 517-636-4486. Businesses are asked to call 517-636-6925.

In addition, affected taxpayers may write to Treasury to request emergency-related tax relief. When writing, the following must be included in the correspondence:


* Name and account number of the individual or business taxpayer.
* Reason for the relief request.
* Taxpayer address within one emergency area or address of the tax preparer located in the emergency area.

Taxpayers should send the completed correspondence to the following address:

Michigan Department of Treasury
Attn: Emergency Tax Relief
Lansing, Michigan 48922

Some taxpayers may receive a preliminary assessment notice before a tax relief request is formally received by Treasury. Taxpayers within the emergency area who receive these notices should contact Treasury by phone to resolve.



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MI Career at Treasury
My Career at MI Treasury: JON BRAEUTIGAM

"Chief Investment Officer Jon Braeutigam is the deputy treasurer over the Bureau of Investments (BOI), overseeing a team of 75 people, most of them investment, accounting or compliance professionals. Jon and his team are in charge of investing for Michigan’s eight different retirement systems, including the two largest: the Michigan Public School Employees Retirement System and the State Employees Retirement System. In addition, this incredibly agile group stays on top of the market to invest in the ‘pots of money’ the state sets aside in permanent trust funds — broadly diversifying the funds into many different types of stocks, bonds and private equity investments. Here’s how Jon’s Treasury career began…"

*My Career Path*

I’m a double Spartan. I was in supply chain management at Michigan State University and went straight into a master’s in finance. During that time, I became a student intern for the state of Michigan which transitioned into a job offer. I accepted and by 1990 I was working with a pension fund. It was a great match and what I really liked to do.

People think of investors as ‘numbers’ people, but accountants are numbers people, too, and the two groups usually have very different personalities. Investors are “I know the numbers, now I want to project what’s going to happen in the future”, where I think accountants are more “I know the numbers, and I want to put them in the right place”. Both functions are really, really important and they provide necessary balance.

I started as an investment analyst and then went on to be an investment specialist. I became head of real estate in 1997 (today, that role is now referred to as a senior investment management position). Ten years later, I became chief investment officer. Jackie Johnson was the former CIO, and she was transitioning out and tagging me in on different meetings. I ultimately got the job and started in 2008 and have been doing it ever since.

Read more about Jon Braeutigam on Treasury's Medium website. [ [link removed] ]



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Fostering Futures Scholarship Trust Fund logo
SAVE THE DATE: Fostering Futures Scholarship Trust Fund Pizza Party

The annual Fostering Futures Scholarship Trust Fund Pizza Party on the Capitol Lawn is scheduled from 11 a.m. to 2 p.m. on Tuesday, June 18. 

A $10 donation will get you pizza, dessert and a drink. The event will be filled with live entertainment, speakers, resource tables and raffle prizes. 

All money raised will go directly to the Fostering Futures Scholarship Trust Fund.

To help estimate the amount of pizza needed, please pre-register to attend the event. Registration information can be found on the Pizza Party on the Capitol Lawn webpage [ [link removed] ]. 

This year, the Treasury Black History Committee returns to partner with the Fostering Futures Scholarship with a celebration in honor of Juneteenth.

"The Pillow Effect," a Michigan Youth Opportunities Initiative (MYOI) program, will accept donations of new standard pillows and pillowcases (or cash donations to purchase items) for distribution to youth entering foster care.

Since 2012, Fostering Futures Scholarship fundraising efforts have totaled more than $1.3 million. 

If you are unable to attend this year's event please consider making a donation [ [link removed] ]. Your donation, big or small, will make a difference.



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MI Money Matters
Your Estate Plan BASICS with MI Money Matters

Estate Planning is NOT just for wealthy individuals with many assets and multiple properties!

An estate plan is for everyone who cares about their children, has specific wishes about their own end of life medical care, or has property of any size to pass on to family members or other beneficiaries.

With a few simple steps you can protect yourself and the people you love, while leaving clear directions for your heirs.

VIDEO: Your Estate Plan Basics with MI Money Matters [ [link removed] ]

Partnering with the National Association of State Treasurers (NAST) and Enrich’s software platform, Michigan Treasury created MI Money Matters to equip Michiganders with the information they need to reach their individual financial goals.

MI Money Matters is a personal finance education program that provides each user with their own ‘action plan’ based on a financial behavior assessment that analyzes each user’s financial “personality.” Individuals who participate gain personal money management insight plus access to interactive tools that can assist them with saving, smart borrowing, and loan repayment.

For more information on what MI Money Matters offers to Michiganders from teens to retirement, go to www.michigan.gov/mimoneymatters [ [link removed] ].



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This email was sent to [email protected] using GovDelivery Communications Cloud on behalf of: Michigan Department of Treasury · Lansing, MI 48922 · 517-335-7508
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