Revenues Stable, Monitoring Federal Uncertainty
By Michigan Department of Treasury
LANSING, Mich. – State Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary today reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2026 and updated revenue figures for the 2027 and 2028 fiscal years.
“Michigan’s revenues remain stable in the shadow of federal uncertainty,” State Treasurer Rachael Eubanks said. “Although revenues are holding up and even improving in some areas, we’re not taking anything for granted. Federal uncertainty and shifting economic conditions mean we must stay disciplined as we finalize the state budget.”
Overall Revenue Forecast (General Fund and School Aid Fund Combined)
| Fiscal Year | January 2026 | May 2026 |
| FY 2026 | $33.27 billion | $33.58 billion |
| FY 2027 | $33.64 billion | $33.82 billion |
| FY 2028 | $33.45 billion | $34.62 billion |
General Fund
| Fiscal Year | January 2026 | May 2026 |
| FY 2026 | $14.13 billion | $14.36 billion |
| FY 2027 | $14.07 billion | $14.17 billion |
| FY 2028 | $14.48 billion | $14.56 billion |
School Aid Fund
| Fiscal Year | January 2026 | May 2026 |
| FY 2026 | $19.14 billion | $19.21 billion |
| FY 2027 | $19.57 billion | $19.65 billion |
| FY 2028 | $19.97 billion | $20.06 billion |
These revenue estimates are based on the most recent economic projections and forecasting models. As with any economic and revenue forecast, there are potential risks to the estimates agreed to today, including unexpected changes in the national economy and international economic issues.
“Federal chaos continues to put pressure on our state budget and we’re still facing a gap of more than $1 billion due to inflation, higher health care costs, and a new tab from Washington, D.C. for things like Medicaid and SNAP benefits,” said State Budget Director Jen Flood. “Governor Whitmer and her administration remain focused on the kitchen table issues that matter most to Michiganders. We’ll continue working with our legislative partners to pass a budget ahead of July 1 that improves student literacy, lowers costs, and protects Michiganders’ access to health care.”
FY 2026 spans from Oct. 1, 2025, to Sept. 30, 2026, while FY 2027 spans from Oct. 1, 2026, to Sept. 30, 2027. FY 2028 begins on Oct. 1, 2027.
The May Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from today’s session – can be found at www.michigan.gov/crec.
