The bill amends the Management and Budget Act of 1984 by updating the procedures and requirements for the revenue estimating conference. It mandates that the conference must be held in the second week of January and the third week of May each year, replacing the previous requirement that it "shall" be held. The principals of the conference include the state budget director, state treasurer, and directors of the Senate and House fiscal agencies, or their designees. The conference is tasked with establishing an official economic forecast and anticipated state revenues, including various tax collections and school aid fund revenues. Notably, the bill introduces a change in terminology from "basic foundation allowance" to "target foundation allowance" in relation to the state school aid act.

Additionally, the bill outlines new requirements for determining an adequate foundation allowance and projections for public school students with additional needs. The adequate foundation allowance is defined as a specific monetary amount adjusted for inflation based on the Detroit Consumer Price Index. The conference is also required to forecast the number of students with additional needs for the current and next two fiscal years. The bill further clarifies definitions related to the Detroit Consumer Price Index and the Great Start Readiness Program, ensuring that the conference's forecasts are based on the assumption that current laws and administrative procedures will remain unchanged during the forecast period.

Statutes affected:
House Introduced Bill: 18.1367