Former Gov. Based on rainy day funds alone, states could run government operations for a median of 26.8 days, or an equivalent of 7.3 percent of their annual spending, a record high. But given the revenue declines of the last recession and the limited ability of the reserves to meet current spending priorities, Michigan policymakers should be conserving all available resources in preparation for the fiscal realities of the imminent recession and the added resource demands of the state's response to the economic and health consequences of pandemic. "Right now, I can't predict what is going to happen," Kolb said. DEPARTMENT OF TECHNOLOGY, MANAGEMENT & BUDGET. Send us an email or hit us up on Facebook or Twitter. School districts in Michigan | Criticizing comments or ideas is welcome, but Bridge won’t tolerate comments that are false or defamatory or that demean, personally attack, spread hate or harmful stereotypes. Ballot measure laws | "Nobody knows the answer to that. How much, and for how long, is difficult to project, however. The state expects to receive guidance on how much federal money it will receive April 12 and gain access to at least some of those funds April 24, said Kurt Weiss, a spokesman for the State Budget Office. Violating these standards could result in a ban. The sales, job and wage losses that will accompany the impending recession are expected to cause a major hit to state tax collections. Sen. Curtis Hertel, D-East Lansing, minority vice-chairman of the Senate Appropriations Committee, was similarly cautious. Charlie Baker has proposed when they debate a $46 billion state budget plan next week. LANSING — Michigan lawmakers are bracing for steep declines in tax revenue but have already approved $150 million in emergency spending to fight the coronavirus that has forced closures and ground the economy to a halt. Federal courts | That is well above the state median of 27.9 days, but the reserves could go fast in an emergency.

Among all the other chaos the pandemic has brought to Massachusetts, it has also upended the state’s budget-making process. With interest accruing, the fund is expected to reach nearly $1.3 billion by 2022. Though further measures will almost certainly be needed, the state has already taken steps to clamp down or cut spending, including a freeze on hiring and promotions and a general halt to discretionary spending. ... What is the Rainy Day Fund and how much does the state have in the fund? Don't rob it and piss away the $.

Craig Thiel is research director for the Citizens Research Council of Michigan. The plan would restrain courts from finalizing evictions if a tenant has a pending application for rental assistance. "First and foremost, we're talking about people's health. Calley is among a group of business leaders that had urged the Whitmer administration to delay a Friday deadline for small businesses to remit tax collections to the state. If you care about Michigan, please support our work. The impact of the $2-trillion federal stimulus package signed into law Friday by President Donald Trump is still to be measured, but it looks like direct payments to the state of Michigan — on top of money paid to individuals and local governments — could be $3.8 billion or higher, according to Federal Funds Information for States, which tracks such transfers. "We'll have some rough ideas by May," he said. Whitmer administration leaves restaurants in dark on new COVID rule, Coronavirus Tracker | Michigan crosses 200,000 cases, records highest death toll since May, Michigan 2020 Election Tracker | Trump makes claims of electoral fraud in Detroit, A small hospital in Michigan’s Upper Peninsula braces for COVID. Judicial Selection | During the Great Recession, the state's rainy day fund was empty and provided little relief to budget writers. These are likely the first of many virus-related state appropriations to come as state and local health officials engage in efforts to mitigate the spread and "flatten the curve.". Adding in the closing of retail and commercial businesses across the state, plus the reduction in worker productivity from sick workers and social distancing, will reduce economic activity across the board in almost every sector. Support our journalism: Please subscribe. “Clearly, this is what the rainy day fund is for,” said former Lt. Gov. Hazardous duty pay, if you will.

Additional tax revenue enabled states to increase their rainy day funds—also called budget stabilization funds—for the ninth straight year, reaching a record 50-state total of $74.9 billion in fiscal 2019. All rights reserved. ... What is the Rainy Day Fund and how much does the state have in the fund? Click here to contact our editorial staff, and click here to report an error. for our daily newsletter rounding up the latest news on the pandemic. Contact Paul Egan: 517-372-8660 or pegan@freepress.com. Yes, I would like to stay informed about new newsletters, editorial content, research reports, data products, white papers and surveys. Want to get something off your chest?

“This is a crisis budget that pays bills but concentrates on those who are most in need of help,” Democratic House Speaker Robert DeLeo said Thursday. Brian Calley, who now serves as president of the Small Business Association of Michigan. Michigan is more fortunate than many states in having a $1.2-billion Rainy Day Fund, and pretty much everyone agrees that if Michigan has ever faced a fiscal monsoon that would justify tapping the fund, that time is now. Upper Peninsula man nearly killed by COVID. This amounts to less than one half of the General Fund revenue decline caused by the Great Recession. The auto plants — still the single biggest driver of Michigan's economy — are shut down for an indeterminate period. As the economic contagion migrates to the U.S., slowdowns in domestic auto production in the state have begun.


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