Michigan’s Budget Problem

Propects for the Future


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Table of Contents

Michigan’s Budget Problem

Background

Effects of 1998 Tax Cuts

Economy

Revenue Problems

May Revenue Consensus

FY2003 Balancing Actions

Postponing A Long-term Solution

General Fund & School Aid Fund Operating Gaps

Economic Outlook Assumptions

FY2003 General Fund Revenue Outlook---May Consensus

Original Budget Proposal:

Time to Cut Spending?

Revenue Enhancements Are Approved

General Fund Arithmetic

FY2003 School Aid

More One-time Revenues

The School Aid Arithmetic

Looking Beyond FY2003

FY2004 School Aid Outlook

General Fund Longer Term Projections Scenario

Medicaid Problems Looming

General Fund Outlook

The Overall General Fund Result

Time to Decide

Approaches to Balancing Budget in FY2004 and Beyond

Cutting Spending

The Remaining 20 Percent

Balancing by Cutting Spending

Higher Education

Medicaid--State’s Options Are Limited--Federal Requirements

Other Community Health Programs

Corrections

Family Independence Agency

Local Government at Risk

Local Government

Other Programs At Risk

Is Increasing Revenue an Option?

Delaying/Suspending Income Tax Cuts

Who Will Solve the Problem?

Most Difficult Budget Situation in 40 Years?

Citizens Research Council of Michigan

Author: A. Thomas Clay

Email: tclay@crcmich.org

Home Page: www.crcmich.org

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