Michigan Gov. Rick Snyder Monday unveiled a 21-page overview of the state’s fiscal position and said he would release a full two-year budget on Feb. 17.
The “Citizen’s Guide to Michigan’s Financial Health” is intended to serve as a summary of the state’s revenues, expenses, and obligations. It does not include any of the proposals Synder will use to overcome the deficit.
Michigan faces a $1.8 billion deficit in fiscal 2012. The state typically crafts one-year budgets but Snyder — a Republican who took office in January — has said he would release a two-year spending plan.
The governor has already said he plans to eliminate the unpopular 6% Michigan business tax and replace it with a 6% tax on the profits of larger corporations. The move would cost about $1.5 billion in revenue, officials have said.
Snyder released the report Monday afternoon at the Business Leaders for Michigan Leadership Summit in Lansing.
“We have serious problems,” the new governor was quoted as saying in local reports. “It’s not time to cry about it. It’s not time to whine about it. It’s time to go to work.”