Stamas comments on state revenue and economic outlook

LANSING, Mich. — Senate Appropriations Committee Chairman Jim Stamas, R-Midland, issued the following statement after state fiscal and economic leaders made their economic and state tax revenue projections during Friday’s annual January Consensus Revenue Estimating Conference:

“After a year of unimaginable challenges, we must continue to be wise and guarded with state spending and ensure our fiscal plans are crafted with the future in mind.

“As a result of smart state budgeting decisions and significant federal stimulus funding over the past year, we were able to carry forward one-time funds into this year. The result is a balance sheet that shows available funds, but we must be cognizant of the fact that this money is not a recurring source of income.

“The pandemic is having a disparate economic impact on Michigan families. The rosy picture we see today at the state level is not an accurate depiction of what is happening in our homes around kitchen tables and in local businesses.

“Federal relief is not a sustainable revenue source and we still do not know what the future may bring for our state’s economy. My goal is to direct some available one-time money to address the impact of the pandemic on various areas of our state and create a fiscal plan that ensures Michigan is as prepared as we can be for the future.”