Top fiscal analysts put the current-year budget deficit at nearly $800 million at the May Consensus Revenue Estimating Conference this morning.  This number includes a $200 million hole in the school aid fund and $275 million in the general fund.  These deficits are in addition to the $327 million that are addressed with the cuts in Senate Bill 220, which is before the Senate Conference Committee.

The 2006-07 fiscal year revenues are $195.3 million less than officials estimated at the January conference.  Emphasis for the lower revenue estimates was placed on weak Michigan employment, a sharp increase in gasoline prices, a decline in residential building, unusual drops in exports and defense spending, a slowing auto industry that has scaled back productions, and significantly weaker sales tax revenues.  Experts have put revenues for the next fiscal year at $338.2 million less than estimated in January.  General fund revenues for the current year are $42.5 million less than the earlier estimate, while school aid fund revenues are $152.8 less.

Karoub Associates will keep you updated on the pending budget.