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What is the budget debt of Michigan?

In the fiscal year of 2022, Michigans state debt stood at about 39.08 billion U.S. dollars. Comparatively, the states debt was approximately 19.44 billion U.S. dollars in 2000.

What is the budget for the state of Michigan 2025?

The fiscally responsible budget recommendation totals $80.7 billion, including a general fund total of $14.3 billion and a school aid budget totaling $19 billion. It provides a docHub amount of one-time funding while maintaining balance in future years and utilizes one-time funds for one-time purposes.

What is the annual budget for the state of Michigan?

Michigans current budget Michigan enacted its FY 2024 budget in July 2023. The budget reported $15.2 billion in general fund spending and $81.7 billion in total spending and, an increase of 13 percent and decrease of 5 percent over the previously enacted budget, respectively.

What is the state of Michigan budget?

Democratic Gov. Gretchen Whitmer on Wednesday announced an $80.7 billion Fiscal Year (FY) 2025 budget proposal, the sixth of her administration, with free preschool and community college as the centerpiece proposals.

How much revenue does Michigan generate?

Michigans combined state and local general revenues were $108.4 billion in FY 2021, or $10,797 per capita. National per capita general revenues were $12,277. Michigan uses all major state and local taxes.

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What is the fiscal year for Michigan?

A 12-month accounting period that may not coincide with the calendar year. For the State of Michigan, the fiscal year begins October 1 and ends September 30.

What is the meaning of GF GP?

GF/GP means general fund/general purpose.

What is the state budget revenue of Michigan?

In fiscal year 2022, state revenues totaled $87.3 billion. Michigan spent $76.7 billion during fiscal year 2022 to provide services to the citizens of Michigan.

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