Stamas comments on August revenue and economic outlooks

LANSING, Mich. — After a rare August Consensus Revenue Estimating Conference with state fiscal and economic leaders to update state revenue projections amid the COVID-19 pandemic, Senate Appropriations Committee Chairman Jim Stamas, R-Midland, issued the following statement:

“Although the revenue numbers are better than they were in May, we are still facing a structural budget deficit. Our general fund remains $1.7 billion below what we expected back in January.

“Short-term gains do not equal long-term budget stability. The Trump Administration, through many of its policies, has greatly helped Michigan’s families and our state, but we cannot know for certain the impact of the pandemic months or years from now. As it stands, we still forecast a hole in the 2022 fiscal year — a reminder that we have a duty to be restrained and responsible with our spending.

“With less than six weeks left before the start of the new fiscal year, cooperation and collaboration are necessary in order for us to act quickly to finalize a balanced budget. A budget is a statement of our collective priorities and recognition of the hardworking Michiganders who trust us to put their tax dollars to good use.

“I am confident that by working together we can implement a budget that invests in key priorities, is accountable to Michigan families, and helps foster a healthy economy for all.”