In addition to submitting a budget proposal, the governor is also constitutionally required to produce an estimate of the tax revenues the state government expects to receive in the following fiscal year. For this purpose, the law specifies that a revenue estimating conference must be held in the second week of January and in the last week of May.[lxxvi] (The state budget director, the state treasurer or the directors of the Senate or House fiscal agencies can call a special revenue estimating conference between these two meetings if they choose.) Those involved in the conference are the state budget director or treasurer and the directors of the House and Senate fiscal agencies. The conference must produce, among other projections, an estimate of revenues to the state school aid fund, as well as the anticipated percentage change in the “basic foundation allowance,” which is an accounting figure that roughly represents the state and local per-pupil operating monies available to local school districts and charter schools (see “The Foundation Allowance: General Education”). The results are published by the House or Senate fiscal agencies.[lxxvii] Such publications are used by school districts as they prepare their own budgets for the next fiscal year.[lxxviii]
[lxxvii] For an example of estimates from the January 2006 conference, see "State of Michigan Revenue Source and Distribution: March 2006," Michigan House Fiscal Agency, http://house.mi.gov/hfa/PDFs/source7.pdf.