In what will likely add an interesting wrinkle to the ongoing fiscal year (FY) 2012 budget debate, multiple officials have now indicated an expectation that the next round of revenue estimates will bring somewhere between $250 and $500 million in new resources.
Senate Appropriations Committee Chair Roger Kahn (R-Saginaw) stated Thursday that based on a number supplied to him by the Senate Fiscal Agency, he believes state officials will have as much as $500 million in addition revenues when the May Consensus Revenue Estimating Conference takes place. This comes less than a week after House Fiscal Agency Director Mitch Bean explained that he has the General Fund up $180 million and the School Aid Fund up $90 million.
Senator Kahn’s statement came as the Senate Appropriations Committee completed their work on the FY 2012 budget. The Chairman explained that the expected new money illustrates that the budget debate is ongoing and that the question of where the potential resources would be directed will be debated in coming weeks, citing examples such as incentive programs to local units and additional payments towards the state’s retiree health care cost debt of $13 to $14 billion.
The May Consensus Revenue Estimating Conference is scheduled for 9:00AM on Monday, May 16th.