LANSING—State experts forecast Michigan’s economy will continue to improve and result in a projected $970 million surplus, said Sen. John Proos.
“It is outstanding news that Michigan’s economy is growing, creating jobs and expected to continue its recovery next year,” said Proos, R-St. Joseph. “The state’s surplus is a direct illustration of the recovery. It’s not a winning lottery ticket that happened by chance; it’s the result of fiscally sound budgeting and making government live within its means.
“We continue to see the positive signs of our hard work succeeding in revitalizing our economy. In Southwest Michigan, more jobs have been created, more people are working and unemployment is down since we began our efforts in January of 2011.”
The announcement came after state fiscal leaders from the Senate, House and executive branch and economists from across the state met Friday for the annual January Consensus Revenue Estimating Conference at the Capitol. Their economic and tax revenue projections are used to draft budget proposals for the next fiscal year, which will begin Oct. 1.
“While we must remain cautious and responsible, I support increasing our investment in fixing our roads, teaching our kids and keeping our communities safe,” Proos said. “I also strongly support using part of this surplus to give needed tax relief to all Michigan residents struggling with increasing costs for necessities like food, gas and energy.”
Proos noted that the report is only a projection and there are many national and worldwide uncertainties that could impact Michigan’s economy and state budget.
“The surplus is not a surprise. When we made the tough choices to turn around Michigan, it was with the expectation that the results would be a growing economy that fuels growing revenues,” Proos said. “Our task now is to wisely use the surplus to help meet our most pressing needs and invest in the hard-working residents of this great state.”
Editor’s Note – Audio comments by Sen. Proos will be available on the senator’s website at www.SenatorJohnProos.com. Click on “Podcasts.”