Budget Analysis for Michigan
Budget Analysis for Michigan State
The start of the executive budget process is timed in a way that it take into account the date of submission to the Legislature. The budget department starts the planning the budget a year before the start of the financial year of that budget. The director of the state budget set the time limit for the submission of various budget information from the different department.
The director of the state budget holds some meeting with relevant officials before submitting the final budget to the Governor for approval. The aim of the meeting is to determine the budgetary requirement and also to receive the proposal from various department.
The expenses in the proposed budget from the Michigan’s General Fund and School Aid Fund must complement the revenue estimates. In the case of additional expenses are proposed, these proposals must be accompanied proposal on how to generate revenue to cater for the proposed expenditure.
Michigan state government employs the use of consensus method of forecasting revenues. All the econometric models used in forecasting are maintained by the University of Michigan. The trend analysis is used in forecasting all the revenue sources with the exception of the motor fuel sales tax. Instead of the trend analysis, the time series is employed in forecasting motor fuel sales tax. The Management and Budget dept., the tax and revenue analysis division in Treasury dept., and also …
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