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Granholm's 2011 Budget Executive Summary |
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Saturday, 20 February 2010 |
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 Governor Granholm on Thursday, February 11, 2010, unveiled her executive budget proposal for the State of Michigan’s 2011 fiscal year, which is slated to begin on October 1, 2010 and end on September 30, 2011.
The General Fund spending plan calls for roughly $8.9 billion worth of state spending that would be supported with about $7.8 billion in state revenue. The $1.1 billion difference would be closed with an about $570 million worth of program cuts and reforms and about $514 million in anticipated federal stimulus money.
The School Aid Fund spending prescribes about $12.9 billion worth of state spending on Michigan K-12 school districts that would be supported with $12.5 billion in taxpayer dollars, with the difference being made up with revenue adjustments and reforms.
For Highlights of the Granholm proposal hit the "Read More" link
Click here to download the full 2011 Budget Executive Summary
Restoration of the Michigan Promise scholarship by converting it to a $4,000 refundable tax credit for those who earn their degree and work one year in Michigan.
Generation of new money for state coffers by reducing to 5.5 percent from 6 percent the state sales and use tax and expanding application of the levy to consumer services. The additional resources would go to the School Aid Fund.
A little more than $1 billion for revenue sharing for cities, villages, townships and counties, including $429 million for discretionary statutory revenue sharing
Requiring a June 30th deadline for completion of all legislative action on the budget, in wake of the state failing to have an adopted budget by October 1st in two of the last three years.
Reforms to state and public school employee pension obligations, such as elimination of vision and dental coverage for future retirees, requiring employee contributions in their plans to offset growing state costs and capping employee participation in defined benefit retirement plans at 30 years.
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