michigan's budget: issues and options - michigan house of ... · 11/8/2010 · tax amnesty...

Mitchell E. Bean, Director

Presentation for:

New Member Training

November 8, 2010

Michigan’s Budget: Issues and Options

Today’s Topics

What is the House Fiscal Agency and what can we do for you?

Michigan’s budget process

Where we are and how we got there

Budget issues for FY 2010-11 and beyond

November 2010 2

WHO WE AREAND

WHAT WE CAN DO FOR YOU

November 2010 3

The House Fiscal Agency (HFA)

A non-partisan agency; neither supports nor opposes policy, legislation, or recommendations made by any House member

Provides confidential assistance with fiscal questions to

House Appropriations Committee

All House members

Caucus staff

Prepares reports/publications throughout the budget process; publishes special reports on topics of interest

November 2010 4

HFA Staff

Fiscal Analysts

Economists

Legislative Analysts

HFA reports/publications available on the HFA website: www.house.mi.gov/hfa

HFA bill summaries/analyses available on theMichigan Legislative Information System website: www.michiganlegislature.org (as well as the House session website)

November 2010 5

What can the HFA do for Members?

Analyze/explain proposals and budgets

Research and analyze fiscal issues

Respond to breaking news

Monitor issues/trends that may affect the state budget

November 2010 6

MICHIGAN’S BUDGET PROCESS:

HOW IT WORKS

November 2010 7

Executive and Legislative Roles

Michigan Constitution and statute provide that executiveand legislative branches share power and responsibilityfor the state budget process

Governor submits a balanced budget

Legislature enacts a balanced budget

Governor and Legislature maintain a balanced budget

Legislature has the power to tax and borrow

Legislature has the power to control spending

APPROPRIATIONS

Are an authority, not a mandate, to spend

Are state law while they are in effectNovember 2010 8

First Revenue Estimating ConferenceMid-January

Governor’s Budget Recommendation

Late January/Mid-February

Budget Schedule SetLate January

Subcommittee Deliberations

February thru April

Appropriations Committee Review

April

First House Floor ActionMid-April

Second House ActionApril thru May

Second Revenue Estimating Conference

Mid-May/Late May

TargetsMid-May/Late May

Conference CommitteeLate May/-Mid-June

Governor Review/SignatureMid-June/Mid-July

Budget Bill EnactedJuly

Reports, Review, Prepare for Next Budget

July thru January

Michigan’sBudgetProcess

November 2010 9

Economic/Revenue Forecasting

University of Michigan Economic Outlook

Governor’s Executive Roundtable

AGENCY FORECASTS:

Administration

Senate Fiscal Agency

House Fiscal Agency

State Economic Forecasts

National Economic Forecasts

FORECAST INPUT

CONSENSUSREVENUEESTIMATINGCONFERENCE

FORECAST OUTPUT

School Aid FundForecast

Budget StabilizationFund Forecast

Revenue Limit

GF/GP RevenueForecast

School FoundationIndex

November 2010 10

Consensus Revenue Estimating Conference

Conference held each January and May

January forecast used for Executive budget recommendation

May forecast used to revise Legislature’sproposed budget

Conference requirements are defined by statute

Conference principals are HFA and SFA Directors and State Budget Director or Treasurer (or designees)

Conference is open to the public

Unanimous consensus among principals is required

November 2010 11

Adjustments to the Budget

Adjustments to the budget can be made by

Transfer (administrative or legislative)

Supplemental appropriations bill

Executive Order

November 2010 12

Budget Process Considerations

November 2010 13

It's important to remember that – the Governor proposes, and the Legislature disposes.

The Legislature is responsible for passing a balanced budget each year – not the executive branch. The Governor has a line-item veto, but he can't change the budget the Legislature sends him – and he doesn't have a vote.

Balancing the FY 2011-12 budget on a structural basis will require decisions by the Legislature about which services are provided/funded by state government, not just how services are delivered – the Governor makes recommendations, but the Legislature will make the decisions.

Budget Process Considerations cont.

November 2010 14

If there are changes to the process – the Legislature must retain its constitutional authority to hold the executive branch accountable.

There has been a great deal of discussion about "outcomes-based budgeting" – remember that the role of the Legislature is to decide which outcome is appropriate.

It is inherently difficult to evaluate the effectiveness of government functions in a precise, quantitative manner –particularly for those functions with longer-term goals such as health care, education, and public safety – but it's the role of the Legislature to evaluate government functions.

Budget Process Considerations cont.

November 2010 15

There has been a great deal of discussion about multi-year budgets. Multi-year budgeting may improve planning, but would almost certainly result in more frequent and large post-enactment budget adjustments. It would also increase uncertainty about revenue and expenditure estimates.

Under government accounting standards, an annual comprehensive financial report would still be required.

WHERE WE AREAND

HOW WE GOT THERE

November 2010 16

November 2010 17

One-Time Funding Sources Utilized in FY 2010-11 Budget

$ Amount by Affected Fund

(Millions)

Funding Source GF/GP

Federal Funds $976.5

Tax Amnesty ($88.8M in FY11 plus assumed $20.5M loss in FY12) $109.3

Unclaimed Property (difference between FY11 and FY12) $107.0

Debt Service Restructuring (difference between FY11 and FY12) $162.2

Early Retirement (one-time replacement savings minus 3% phase-in) $24.0

County Revenue Sharing: Projected FY 2011-12 Increase $40.0

Total One-Time Funding Sources $1,419.0

Impact of Enacted Tax Cuts on FY 2011-12 Revenue $210.4

Total Structural Issues for FY 2011-12 Budget $1,629.4

November 2010 18

One-Time Funding Sources Utilized in FY 2010-11 Budget

$ Amount by Affected Fund (Millions)

Funding Source School Aid Transportation

ARRA Funds in School Budget $184.3

Ed Jobs Funds for School Aid* $318.1

Transportation: Debt Restructuring $84.0

Total One-Time Funding Sources $502.4 $84.0

Impact of Enacted Tax Cuts on FY 2011-12 Revenue $6.0 $0.0

Total Structural Issues for FY 2011-12 Budget $508.4 $84.0

* Note: Not built into foundation

November 2010 19

UI Trust Fund

Interest payments on $3.8 billion of UI Trust Fund borrowing

Approximately $150 million due September 30, 2011 State share approximately $100 million

It will take a decade or more to pay down this debt

November 2010 20

State Budget Shortfalls Caused By

Severe economic contraction led by domestic auto industry

State tax policy

Increasing cost of Medicaid and corrections

November 2010 21

Big 3 Losing Market Share

14.8 15.1 15.6

17.416.8 16.9 16.5

13.2

10.411.7

13.3

1995 1997 1999 2001 2003 2005 2007 2009 201130%

40%

50%

60%

70%

U.S. Light Vehicle Sales Big 3 Share

2010 & 2011are May 2010

Consensus Estimates

Source: Automotive News and May 2010 Consensus Estimates

Hou

se F

isca

l Age

ncy

November 2010 22

Job Change in Michigan

Source: U.S. Bureau of Labor Statistics and May 2010 Consensus Estimates

88.0

(112.7)(76.7) (71.0)

(17.0) (9.2)

(63.2) (58.7)

(105.7)

(285.6)

(46.0)

0.0

1991-2000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Thou

sand

s

Average AnnualJob Change

2010 & 2011are May 2010

Consensus Estimates

House Fiscal Agency

November 2010 23

Real and Nominal State GDP

$337,235 $334,419

$349,837

$359,030 $363,076

$372,009 $375,143

$379,934 $382,544

$326,869

$336,862 $341,109

$337,851 $339,872 $334,843

$331,036 $326,123

$310,000

$320,000

$330,000

$340,000

$350,000

$360,000

$370,000

$380,000

$390,000

2000 2001 2002 2003 2004 2005 2006 2007 2008

Nominal GDP

Real GDP

Real State GDP is Down 3.30% Since FY 2000

Mill

ions

House Fiscal Agency

November 2010 24

Inflation Adjusted GF/GP RevenueDown 42% Since FY 2000

$8,764

$9,463 $9,788

$8,990

$8,427

$7,959 $8,042 $8,309 $8,266

$8,319

$9,359

$7,366

$6,655 $7,097

$8,764

$9,242 $9,252

$8,214

$7,548

$6,944 $6,926 $6,981 $6,701 $6,638

$7,268

$5,771

$5,121 $5,380

FY 98 FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11

Mill

ions

FYs 10 & 11are

May 2010ConsensusEstimates

Actual Dollars

Adjusted for Detroit CPI

House Fiscal Agency

November 2010 25

Inflation Adjusted SAF Net RevenueDown 12% Since FY 2000

$8,797

$9,310

$9,889 $9,994 $10,134

$10,715 $10,615 $10,910

$11,082 $11,153

$11,513

$10,922 $10,750 $10,833

$8,797 $9,092

$9,347 $9,131 $9,066

$9,349 $9,141 $9,167

$8,983 $8,900 $8,936

$8,558 $8,272 $8,213


FYs 10 &11are

May 2010ConsensusEstimates

Mill

ions

Actual Dollars

Adjusted for Detroit CPI

House Fiscal Agency

November 2010 26

Constitutional Revenue Limit

Billions of Dollars

$0.16

($2.41)

($3.92) ($4.18) ($4.44) ($4.22)($4.95)

($5.32)($4.65)

($7.99)

($8.85)

($7.14)

FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11

FYs 10 and 11are May 2010

Consensus Estimates

Average decline of Michigan revenue = 0.5% per year from 2000 through 2011

Average growth of Michigan personal income = 1.7% per year from 2000 through 2011

House Fiscal Agency

November 2010 27

Sales/Use Tax Share Declining

Taxable Sales as a Percent of Personal Income

FY 0935.4%

31%

33%

35%

37%

39%

41%

43%

45%

47%

49%

51%

FY 78 FY 80 FY 82 FY 84 FY 86 FY 88 FY 90 FY 92 FY 94 FY 96 FY 98 FY 00 FY 02 FY 04 FY 06 FY 08

Per

cent

of

Per

sona

l Inc

ome

House Fiscal Agency

November 2010 28

Impact ofTax Exemptions/Credits/Deductions

Bill

ions

$10

$15

$20

$25

$30

$35

FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10

Tax Exemptions/Credits/Deductions

Revenue

Revenue$6.8 BillionHIGHER

Revenue$11.0 Billion

LOWERFY2010 (000)

Consumption $14,041,051Individual Income 10,156,055Property 10,018,220Business Privilege 1,921,480Other 223,696

House Fiscal Agency

November 2010 29

Tax expenditures are an alternative to direct spending.

They can be used to effectively continue to spend tax dollars on policy initiatives while the budget is being reduced.

They're "off-budget" for all practical purposes.

Transparency and government accountability demand they be reported and evaluated.

Why Consider Tax Expenditures?

Impact of Recent Tax Cuts on Future Revenues

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Reducing Michigan Income Tax Rate $0.0 $0.0 $0.0 ($150.0) ($329.0) ($522.5)

Alternative Energy Credits - Income Tax ($16.0) ($46.0) ($47.0) ($42.0) $0.0 $0.0

Michigan EITC ($140.0) ($325.0) ($338.0) ($358.3) ($379.8) ($402.6)

Eliminating MBT Surcharge Eliminated in Tax Year 2017

MBT Battery Credits (Assumes Maximum Used) $0.0 $0.0 $0.0 ($40.0) ($268.0) ($278.0)

MBT Film Production Credit ($37.5) ($100.0) ($125.0) ($125.0) ($125.0) ($125.0)

Photovoltaic Technology - Facility & Manufacturing $0.0 ($0.8) ($9.8) ($12.5) ($12.5) ($15.0)

Polycrystalline Manufacturing Credit $0.0 $0.0 $0.0 $0.0 ($25.0) ($25.0)

MBT Gross Receipt Changes ($115.8) ($80.5) ($93.4) ($117.8) ($129.9) ($132.7)

Decouple Bonus Depreciation/Production Activities $172.5 $23.4 $19.2 $45.3 $52.3 $60.0

Historic Preservation Credits $0.0 $0.0 ($5.0) ($8.6) ($9.6) ($10.6)

Promise Zones - SET $0.0 ($1.0) ($4.0) ($10.0) ($15.0) ($20.0)

IFT Exemption for Commercial Real Land $0.0 ($2.0) ($2.0) ($2.0) ($2.0) ($2.0)

Use Tax Bad Debt Deduction Change (Court Case) ($2.0) ($25.5) ($16.6) ($17.1) ($17.7) ($18.4)

Exempt Supplies for Cobo Center $0.0 $0.0 ($2.5) ($2.5) ($3.5) ($1.5)

Totals in Millions ($138.8) ($557.4) ($624.1) ($840.5) ($1,264.7) ($1,493.3)

November 2010 30

November 2010 31

ConsensusFY 2011 FY 2012 FY 2013 FY 2014

Baseline RevenueAssume 3% Growth $6,968.4 $7,177.5 $7,392.8 $7,614.6

Adjust for Tax ChangeNot Built Into FY 2011 N/A ($194.4) ($591.5) ($789.1)

Net GF/GP Revenue N/A $6,983.1 $6,801.3 $6,825.5

Percent Change from Prior Year N/A 0.2% (2.6%) 0.4%

*

* Note: 3% baseline growth has not been achieved since 2000.

Potential GF/GP Base Revenue (millions)

November 2010 32

Impact of Shrinking Tax BaseIncome Tax Collections as Percent

Rate of State Personal Income

FY 2000 4.0% 2.6%

FY 2010 4.35% 1.5%

Revenue Impact of Declining Base $3,653.50(In Millions of Dollars)

Sales and Use Tax Collections as PercentRate of State Personal Income

FY 2000 6.0% 2.8%

FY 2010 6.0% 2.1%

Revenue Impact of Declining Base $2,511.60(In Millions of Dollars)

November 2010 33

Fewer People Pay Income Tax

Tax Liability < $0 19.5% 25.6%

Tax Liability = $0 8.0% 8.0%

Tax Liability < $100 33.6% 38.6%

2000 2008All Filers

November 2010 34

Refundable Credits on the Michigan Income Tax

Homestead Property Tax Credit ($987.5 million in FY2009-10)

Earned Income tax Credit ($333.0 million in FY2009-10)

Alternative Energy/Qualified Home Improvement Credit ($46.0 million in FY2009-10)

Adoption Credit ($1.0 million in FY2009-10)

Stillbirth Credit ($41,000 in FY2009-10)

November 2010 35

Indexed Provisions of the Michigan Income Tax

Personal Exemption

Special Exemptions for Seniors and/or Disabled Individuals

Special Exemption for Qualified Disabled Veterans

Income Threshold for Pension Income Deduction

Income Threshold for Deduction of Interest and Capital Gains Earned by Seniors

Home Heating Credit

Stillbirth Credit

November 2010 36

SOLUTION: Stabilize the tax base at some level – higher, lower, or revenue neutral by doing the following.

Reduce or eliminate as many tax expenditures as possible and lower marginal rates as much as possible.

Institute a Sunset Commission that officially reviews economic development incentives on a regular basis.

Institute a Peer Review process using M.S.U., U of M, and the Upjohn Institute to verify the expected impact of economic development incentives.

Institute a Pay-As-You-Go system to identify spending cuts or revenue increases to fund program expansions and new tax expenditures.

The same principles apply to a flat tax and a graduated tax. The "Best" tax system is a diverse set of taxes that are stable, simple to understand, and easy to comply with. The tax base would be as broad as possible, and marginal rates as low as possible.

PROBLEM: The State tax base is not stable and will not support any level of service for long.

MICHIGAN’SBUDGET

November 2010 37

FY 2010-11 BudgetAdjusted Gross Funding Sources

Federal$20,490,610,100

43.57%

Local/Private$488,253,600

1.04%

State Restricted$17,750,759,500

37.74%

GF/GP$8,301,784,800

17.65%

Other$26,052,544,300

55.39%

Adjusted Gross = $47,031,408,000

56.9%of State Sources

fundingis paid to

local governments

YTD 10/8/2010 November 2010 38

House Fiscal Agency

FY 2010-11 Appropriations Funding

Adjusted Gross = $ 47,031,408,000

GF/GP$8,301,784,800

17.7%

Restricted/Other$22,379,088,400

47.6%

SAF$13,115,593,800

27.9%

Transportation$3,234,941,000

6.9%

37.9% Federal60.3% State Restricted

1.7% Local

76.3% Federal21.8% State Restricted1.9% Local/Private

16.6% Federal83.4% State Restricted

YTD 10/8/2010 November 2010 39

House Fiscal Agency

State Taxes and FeesFY 2010-11

Other19.1%

Community Health16.4%

Tranportation7.5%

Corrections7.7%

Education49.3%

FY 2010-11 Total = $26,052,544,300

YTD 10/8/2010 November 2010 40

House Fiscal Agency

FY 2010-11 GF/GP

Community Health29.2%

Corrections23.1%

Colleges / Universities

22.2% Human Services11.1%

Other7.9%

Debt Service3.4%State Police

3.1%

3.4%$284 million

Debt Service and SBA Rent

Judiciary1.83%

Legislature

1.21%

Treasury0.95%

0.70%

0.57% 0.50%

Military Affairs0.44%

Agriculture

0.36%Attorney General0.34%

Education0.26%

School Aid0.22%

State0.17%

Civil Rights0.13%

Legislative Auditor General0.13%

Executive Office0.06%

FY 2010-11 Total = $8,301,784,800

Management and Budget

YTD 10/8/2010

Energy, Labor, Economic Growth Natural Resource

and Environment

November 2010 41

House Fiscal Agency

School AidMajor Spending Categories

Foundation allowances(used for school operations)absorb $3 out of every $4 spent

Foundation Allowances

$9,590,561,100 73.0%

Special Education$1,517,583,000

11.6%

Federal Programs (non-Special Ed)$1,218,106,400

9.3%

Other Programs$319,545,700

2.4%

At-Risk Programs$308,988,200

2.4%Early Childhood

Programs$109,575,000

0.8%

ISDs$69,876,800

0.5%

FY 2010-11 Total = $13,134,236,200

Note: Does not include local revenue.

YTD 10/8/2010 November 2010 42

House Fiscal Agency

November 2010 43

Medicaid Impact on Michigan Budget

For FY 11, approximately 19.1% of Michigan GF/GP revenueis appropriated for Medicaid

1 of 6 Michigan residents were eligible for Medicaid inApril 2009

42% of births and 70% of nursing home expendituresin Michigan are financed through Medicaid

Total state and federal Medicaid appropriation isover $11.5 billion in FY 11

Since FY 1999-2000

126.5% increase in Medicaid funding

71.5% growth in Medicaid caseload (759,800 cases)

November 2010 44

Corrections Budget Increases

FY 712%

FY 793%

FY 899%

FY 9515%

FY 1025%

FY 1123%

0

10

20

30

40

50

60


Pri

son/

Cam

p P

opul

atio

n in

Tho

usan

ds

Prison/Camp Population

Corrections % of State GF/GP

Fiscal Year 2008-09 includes GF/GP reductions due to appropriation of federal ARRA funds.

House Fiscal Agency

ARRAARRA

ARRA

$0

$6

$12

$18

$24

$30

$36

$42

$48

FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10YTD

FY 11YTD

Adjusted Gross Appropriationsby Fund Source

Excluding federal funds, FY 00 = FY 10 adjusted gross appropriations

YTD 10/8/2010

Bill

ion

s

Fede

ral

Res

tric

ted

GF/

GP

Local + Private

Fiscal Year 20010-11 amounts include funds received under extension of temporary enhanced FMAP rate (DCH/DHS) and Ed Jobs bill (DOE/School Aid). November 2010 45

House Fiscal Agency

GF/GP Appropriations

$9,189.0 $8,830.9

$8,766.9 $8,706.6

$9,106.3 $9,118.7

$9,981.8

$8,569.2

$7,922.5 $8,301.8

$8,612.6 $8,438.9

$8,176.8 $8,251.0 $8,133.5

$8,659.7

$7,500.2

$6,809.9 $7,030.4

FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 YTDFY 11 YTD

Actual Dollars

Adjusted for Inflation

Mill

ions

of

Dol

lars

YTD 10/8/2010 November 2010 46

House Fiscal Agency

School Aid BudgetAdjusted Gross Appropriations

$11,451.1

$12,554.7 $12,606.2 $12,467.1

$12,700.6

$13,008.2 $12,897.8

$13,259.8

$12,707.5

$13,134.2

$12,244.3 $12,134.5

$11,708.5 $11,507.7 $11,602.8

$11,189.4

$11,605.6

$10,922.9 $11,122.7

FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10YTD

FY 11YTD

Actual Dollars


Mill

ions

of

Dol

lars

YTD 10/8/2010 November 2010 47

House Fiscal Agency

Average Numberof Classified State Employees

0

10

20

30

40

50

60

70

80

FY71 FY74 FY77 FY80 FY83 FY86 FY89 FY93 FY95 FY98 FY01 FY04 FY07 FY10

Thou

sand

s of

Em

ploy

ees

18.2% DecreaseFY 01 to FY 10 YTD at 6/26/10

TOTAL All Departments

18.3% DecreaseFY 01 to FY 10 YTD at 6/26/10

TOTAL Without Corrections

November 2010 48

House Fiscal Agency

CURRENTISSUES

November 2010 49

Major School Aid Issues

Funding levels

Declining enrollment

Deficit districts

Retirement costs

Infrastructure financing

Local property taxes

November 2010 50

Total Membership Pupil Counts

1,592,726

1,615,579

1,646,747

1,671,174

1,688,9961,698,414

1,706,4071,710,630 1,714,705 1,714,185

1,707,3571,697,537

1,680,282

1,652,332

1,619,744

1,595,722

1,577,700

FY 95 FY 96 FY 97 FY 98 FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11*

Pupil Blend

50/50 FYs 95–97

60/40 FYs 98–99

75/25 FY 00

80/20 FYs 01–04

75/25 FYs 05–10

*May 2010 Consensus Estimate November 2010 51

House Fiscal Agency

Total Appropriations forState University Operations

YTD 11/3/2010 November 2010 52

$1,615.5

$1,565.9

$1,433.3 $1,428.6 $1,419.8 $1,433.2 $1,452.7 $1,467.3 $1,461.2

$1,420.3 $1,527.2

$1,379.6 $1,341.6

$1,286.5 $1,278.4 $1,260.3

$1,284.2 $1,256.0

$1,202.8

FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11YTD

Actual Dollars


Note: Appropriations include delayed payments in FY in which funds were originally appropriatedHouse Fiscal Agency

Revenue Sharing Payments toCities, Villages, and Townships

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11*

Mill

ion

s

Full Funding

Actual

Statutory and Constitutional Payments

*FY 11 Amounts are Estimates November 2010 53

House Fiscal Agency

Statewide Pavement ConditionCombined Freeway and Non-Freeway

Sources: Michigan Department of Transportation website and 2010-2014 Draft Five-Year Highway Program Presentation 11/19/09

71%69%

64%

82%

89%

75%

92%

69%

87%

78%

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

% P

avem

ent

in G

ood

Con

diti

on

Existing Condition Projected Condition Goal

November 2010 54

House Fiscal Agency

Reduced State RevenueMay Lead to Loss of Federal Aid

$593 $624 $565 $520

$475 $503 $549 $554

$84 $89 $97 $98

$1,436

$1,152 $1,216 $1,211 $1,172

2010 2011 2012 2013 2014

Mill

ion

s

Program Total With Routine Maintenance Federal Aid Lost State Revenue Shortfall

Sources: Michigan Department of Transportation website and 2010-2014 Draft Five-Year Highway Program Presentation 11/19/09 November 2010 55

House Fiscal Agency

www.house.mi.gov/hfa

michigan's budget: issues and options - michigan house of ... · 11/8/2010 · tax amnesty...

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