Michigan Budget and Economic Facts

An organization called Public Notice has assembled state fact sheets that outline budget and economic facts for all 50 states. Here's Michigan's:

Budget:

• Total State Expenditures (FY 2010 estimated): $45.7 billion
• Income Tax Rate (Tax Year 2011): 4.35 percent
• Sales Tax Rate (2011): 6 percent
• Total FY 2011 Budget Deficit: $2 billion, or 9.3 percent of the budget
• Projected FY 2012 Budget Deficit: $1.3 billion, or 5.9 percent of the budget
• Pension Liability and % of Liability Funded (FY 2009): $72,911,900, 79% funded

Economy:

• Economic Growth (2008 to 2009): -5.2 percent
• Unemployment Rate (Apr. 2011): 10.2 percent
• Foreclosure Rate (Apr. 2011): 1 in every 349 houses

Federal Government Spending:

• Total Federal Funds Received (FY 2010 estimated): $19.2 billion
• Stimulus Money Awarded: $8,648,638,169
• Examples of Stimulus Spending:
  • $3.8 million was appropriated for the Old Tiger Stadium Conservancy – a
    group dedicated to finding a new use for the Detroit Tigers’ former stadium.
  • $7.5 million was used to construct a new terminal with stone fireplaces and
    exposed log beams in a tiny northern Michigan airport. The airport serves an
    average of only 72 departing passengers a day.

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