Another aspect of the political environment in Michigan that has affected fiscal planning has been the term limits imposed on the Governor, its Senators and Representatives. Many economists fear this will lessen the chance of fiscal policies that would be affective in the long-term being implemented.

Annual Reductions Forecast Based on the 1996 Congressional Budget

Source: Cuts in Federal Aid under the Congressional Budget Resolution: A Fiscal Impact Report (Bethesda, Md.: Fiscal Planning Services, Inc., July 1996).

Other Funds · Liquor Purchasing Revolving Fund: 100% of 1.85% liquor specific tax revenue · Convention Facilities Development Fund: 100% of 4% liquor specific tax revenue · Local governments: 27.5% of horse wagering tax revenue

Unrestricted State Revenue Sharing · 15% of original 4% sales tax revenue · 6.91% of personal income tax revenue · About 13% of single business tax revenue · $9.5 million of intangibles tax revenue**

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