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FOR IMMEDIATE RELEASE
May 14, 2025

Contact: Ron Leix, Treasury, 517-335-2167

Administration, Fiscal Agencies Reach Consensus on Revenue Estimates

Michigan’s Economic Plan is Working, Federal Uncertainty Looming

LANSING, Mich. – State Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary today reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2025 and the upcoming 2026 and 2027 fiscal years.

“Governor Whitmer’s plan to put more money in the pockets of Michiganders is working,” State Treasurer Rachael Eubanks said. “Record refund amounts are going to retirees, working families and more, providing relief at a time when tariffs and economic uncertainty from the federal government is impacting Michiganders in every corner of the state. States around the country are facing uncertainty with federal trade and tax policy, and Michigan is no different. Like other states, we are reassessing our revenue picture for the next two upcoming fiscal years.”

Overall Revenue Forecast (General Fund and School Aid Fund Combined)

 Fiscal Year 

   May 2024

   January 2025   

   May 2025

 FY 2025

   $32.40 billion   

   $33.18 billion

   $33.04 billion 

 FY 2026

   $33.46 billion

   $34.37 billion

   $34.05 billion

 FY 2027

   N/A

   $35.10 billion

   $34.74 billion

 

General Fund

 Fiscal Year 

   May 2024

   January 2025   

   May 2025

 FY 2025

   $14.26 billion   

   $14.72 billion

   $14.49 billion 

 FY 2026

   $14.89 billion

   $15.48 billion

   $15.11 billion

 FY 2027

   N/A

   $15.74 billion

   $15.34 billion

 

School Aid Fund

 Fiscal Year 

   May 2024

   January 2025   

   May 2025

 FY 2025

   $18.15 billion   

   $18.46 billion

   $18.54 billion 

 FY 2026

   $18.57 billion

   $18.89 billion

   $18.93 billion

 FY 2027

   N/A 

   $19.35 billion

   $19.40 billion

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.

“Today we received an update on revenue projections from the state’s economists that shows the impact of uncertainty at the federal level to Michigan,” said State Budget Director Jen Flood. “Armed with this updated information we’ll continue working with our legislative partners to enact a full budget by the July 1 deadline that focuses on the fundamentals – lowering costs, supporting our seniors, and helping our students learn.”

FY 2025 spans from Oct. 1, 2024, to Sept. 30, 2025, while FY 2026 spans from Oct. 1, 2025, to Sept. 30, 2026. FY 2027 begins on Oct. 1, 2026.

The May Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from today’s session – can be found at www.michigan.gov/crec.

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