CREC conference outlines state’s economic climate, revenues to inform state budget process
The Michigan Senate Democrats are gearing up for the upcoming Consensus Revenue Estimating Conference (CREC) set to take place on Friday, May 17, 2024. Read more about the conference, its significance, and what it entails below.
What is CREC?
With two CRECs held annually, one in January and another in May, these conferences play a pivotal role in setting the stage for Michigan’s revenue forecast and subsequent budget deliberations. The January conference is significant as it establishes the initial revenue forecast that signals the beginning of comprehensive budget discussions and informs the governor’s executive budget recommendation.
The focus of the May conference is on utilizing the updated fiscal information to make necessary adjustments before the final passage of legislative appropriations bills. While state revenues may fluctuate, the values Michigan Senate Democrats care most about throughout this process remain the same: transformation, innovation, intentionality and equity.
Now that the Michigan Senate and House have passed their respective budgets, members from both chambers and the governor’s office will work together to reach a final budget agreement. And CREC plays an integral role in our efforts to create a fair budget for all Michiganders. Numbers are subject to change following CREC, and policymakers will take the May CREC revenue estimates to assist with budget negotiations and ensure the end product is both impactful and fiscally sound.
By better understanding CREC and the state’s financial future, residents and policymakers alike can make more informed budget decisions. Senate Democrats remain committed to continuing intentional, meaningful investments in our state and its people and passing a budget that builds up Michigan.