Bill Text: MI SB0139 | 2011-2012 | 96th Legislature | Chaptered
Bill Title: State financing and management; budget; revenue estimating conference; include additional variables and provide general amendments. Amends secs. 367b & 386 of 1984 PA 431 (MCL 18.1367b & 18.1386).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2011-05-31 - Assigned Pa 0047'11 With Immediate Effect [SB0139 Detail]
Download: Michigan-2011-SB0139-Chaptered.html
Act No. 47
Public Acts of 2011
Approved by the Governor
May 26, 2011
Filed with the Secretary of State
May 27, 2011
EFFECTIVE DATE: May 27, 2011
STATE OF MICHIGAN
96TH LEGISLATURE
REGULAR SESSION OF 2011
Introduced by Senator Kahn
ENROLLED SENATE BILL No. 139
AN ACT to amend 1984 PA 431, entitled “An act to prescribe the powers and duties of the department of management and budget; to define the authority and functions of its director and its organizational entities; to authorize the department to issue directives; to provide for the capital outlay program; to provide for the leasing, planning, constructing, maintaining, altering, renovating, demolishing, conveying of lands and facilities; to provide for centralized administrative services such as purchasing, payroll, record retention, data processing, and publishing and for access to certain services; to provide for a system of internal accounting and administrative control for certain principal departments; to provide for an internal auditor in certain principal departments; to provide for certain powers and duties of certain state officers and agencies; to codify, revise, consolidate, classify, and add to the powers, duties, and laws relative to budgeting, accounting, and the regulating of appropriations; to provide for the implementation of certain constitutional provisions; to create funds and accounts; to make appropriations; to prescribe remedies and penalties; to rescind certain executive reorganization orders; to prescribe penalties; and to repeal certain acts and parts of acts,” by amending sections 367b and 386 (MCL 18.1367b and 18.1386), section 367b as amended by 2007 PA 183 and section 386 as amended by 1999 PA 8.
The People of the State of Michigan enact:
Sec. 367b. (1) A revenue estimating conference shall be held in the second week of January and in the third week in May of each year, and as otherwise provided in this act.
(2) The principals of the conference shall be the state budget director or the state treasurer, the director of the senate fiscal agency, and the director of the house fiscal agency, or their respective designees.
(3) The conference shall establish an official economic forecast of major variables of the national and state economies. The conference shall also establish a forecast of anticipated state revenues as the conference determines including the following:
(a) State income tax collections.
(b) State sales tax collections.
(c) Corporate income tax collections.
(d) Michigan business tax collections.
(e) Total general fund/general purpose revenues.
(f) Lottery transfers to the school aid fund.
(g) Total school aid fund revenues.
(h) Annual percentage growth in the basic foundation allowance provided for in the state school aid act of 1979, 1979 PA 94, MCL 388.1601 to 388.1772.
(i) Compliance with the state revenue limit established by section 26 of article IX of the state constitution of 1963.
(j) Pay-ins or pay-outs required under the countercyclical budget and economic stabilization fund.
(4) The conference’s official forecast of economic and revenue variables shall be determined by consensus among the principals.
(5) The forecasts required by this section shall be for the fiscal year in which the conference is being held and the next 2 ensuing fiscal years. The conference shall also forecast general fund/general purpose revenue trend line projections and school aid fund revenue trend line projections for the next 2 ensuing fiscal years.
(6) The May revenue estimating conference shall establish expenditure forecasts for medicaid expenditures and for human services caseloads and expenditures for the fiscal year in which the conference is being held and the next 2 ensuing fiscal years.
(7) The official conference forecasts of revenues and expenditures shall be based upon the assumption that the current law and current administrative procedures will remain in effect for the forecast period.
Sec. 386. (1) The state budget director shall prepare monthly financial reports.
(2) Within 30 days after the end of each month, the state budget director shall transmit copies of the monthly financial report to all the appropriations committee members and the fiscal agencies. The monthly financial report due by December 1 shall be the first monthly financial report to include statements concerning the fiscal year which began on October 1.
(3) Each monthly financial report shall contain the following information:
(a) A statement of actual monthly and year-to-date revenue collections for the general fund/general purpose revenues, school aid fund revenues, and the tax collections dedicated to the transportation funds; including a comparison with prior year amounts, statutory estimates, and the most recent estimates from the executive branch.
(b) A statement of estimated year-end appropriations lapses and overexpenditures for the state general fund by principal department.
(c) A statement projecting the ending state general fund and state school aid fund balances for the fiscal year in progress.
(d) A summary of current economic events relevant to the Michigan economy, and a discussion of any economic forecast or current knowledge of revenue collections or expenditure patterns that is the basis for a change in any revenue estimate or expenditure projection.
(e) A statement of estimated and actual total state revenues compared to the revenue limit provided for in section 26 of article IX of the state constitution of 1963.
(f) A statement of the estimated fiscal year-end balance of state payments to units of local government pursuant to section 30 of article IX of the state constitution of 1963.
(g) Any other information considered necessary by the state budget director or jointly requested by the chairpersons of the appropriations committees.
(h) A statement of year-to-date balances for the following funds:
(i) The countercyclical budget and economic stabilization fund or its successor.
(ii) The natural resources trust fund or its successor.
This act is ordered to take immediate effect.
Secretary of the Senate
Clerk of the House of Representatives
Approved
Governor
