This week, House and Senate Appropriations Committees and Subcommittees began reporting budgets for the upcoming 2023 – 2024 Fiscal Year. While the committees mirrored a number of items Governor Gretchen Whitmer called for, there were also some notable items of differences. Additionally, the two chambers differed on certain funding items, which will continue to be worked on throughout the process.
Some aspects within the budgets include a 6% increase to operations at universities and community colleges, $9,700 per-pupil funding for K-12 schools, and a 5% one-time and 5% ongoing increase to local revenue sharing.
The House and Senate will continue to work on the budgets in the coming weeks. The biannual Consensus Revenue Estimating Conference will be held next month, where the principals will come to an agreement on revenue projections for the coming years. Using the agreed-upon figures, targets will be set for each budget, and they will work towards finalizing the state budget prior to the start of the fiscal year on October 1.
