DETROIT, Mich., May 17, 2012 – Business Leaders for Michigan (BLM), the state’s business roundtable, today released the annual Michigan Fiscal Scorecard, “Assessing the Management of Michigan Governments”. This review of state and local government finances measures five indicators of fiscal health – revenue and expenditures, cash balances, reserves, pension obligations and debt levels-  and is part of BLM’s strategy to determine whether Michigan’s fiscal management practices are improving. The report was prepared for BLM by Anderson Economic Group, LLC.

“The Michigan Fiscal Scorecard gives us a clear picture of the progress the state and local governments are making in managing their finances, as well as identifying those areas that still need improvement, “ said Doug Rothwell, President & CEO, Business Leaders for Michigan. “As we continue to work to turn around Michigan and make it a Top Ten state for job, economic and personal income growth, this realistic review of the state’s fiscal health allows us to gauge how Michigan compares to other states, whether benchmarks are being met, and what steps need to be taken to ensure continued fiscal strength.”

DETROIT, Mich., May 10, 2012 – A survey of Business Leaders for Michigan (BLM), the state’s business roundtable, shows that the state’s largest employers are more optimistic about Michigan’s short and long-term economic outlook than for the nation. 

“Michigan’s largest job providers are bullish on the state’s economic prospects and backing it up with increased hiring and investment,” said Doug Rothwell, President & CEO.  “Business leader optimism about the state’s long-term economy is at a three year high and nearly a third of the largest job providers are planning increased hiring and investment in the next six months.”

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ANN ARBOR, Mich., April 30, 2012 – The Renaissance Venture Capital Fund (RVCF), the venture capital fund-of-funds formed by Business Leaders for Michigan (BLM), announced today that it has formed a second fund with initial capital of $60 million, growing the RCVF to over $100 million.

“Venture capital has been one of the principal drivers of economic growth around the nation,” said Chris Rizik, CEO of RVCF.  “Venture capital-backed companies, as a whole, grow 50% faster than other companies and hire employees at eight times the national average. Michigan has the research and talent base to create these fast-growing new companies and the associated high paying jobs. RVCF marries these strengths with new capital and a network of collaboration between young companies, venture capital funds and many of Michigan’s largest companies, which will lead to more innovative new companies and employment in the state.”

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DETROIT, Mich., March 15, 2012 — Business Leaders for Michigan (BLM) hosted its first Michigan CEO Summit today at the Westin Book Cadillac to share their optimism about the state’s future and to lay out the 2012 Michigan Turnaround Plan (MTP), an aggressive agenda, to make Michigan a Top Ten State for job, economic and personal income growth.  Panel discussions at the conference centered on strategies for continuing Michigan’s turnaround and an important new sixth step of the MTP, Leveraging Assets to Grow the New Michigan, that lays out a 10+ year vision for growing a New Michigan economy and up to 500,000 new jobs. The event drew over 400 attendees from across the state.

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Presentations:

Michigan’s Future: The Timeless Power of Ideas and Optimism by Robert Taubman

DETROIT, Mich. Feb. 27, 2012 - Just weeks after announcing its New Michigan strategy as part of the 2012 Michigan Turnaround Plan (MTP), Business Leaders for Michigan (BLM), the state’s business roundtable, is asking: What does the New Michigan look like to you?

In an online contest beginning today, BLM is offering $1,000 in total prizes to Michigan residents who upload a photo, film a short video, or enter a written submission (200 words or less) describing their vision for the New Michigan. 

“The New Michigan Sweepstakes is a fun way to encourage Michigan citizens to think about our state’s future and become educated about and involved in advancing the New Michigan strategy- a key component of the Michigan Turnaround Plan,” said Doug Rothwell, BLM President and CEO. 

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Download a copy of the report 

When: Thursday, February 23, 2012 at 12:30 p.m.

Where: MotorCity Casino Hotel, Grand Ballroom

(Ballroom is in the lower level of the MotorCity Casino Hotel Meeting space.  Media Registration will be near the lower level entrance to the Sound Board.)

Speakers:

Bruce Katz, Vice President at the Brookings Institution and founding Director of the Brookings Metropolitan Policy Program  

James B. Nicholson, President & CEO, PVS Chemicals, Inc. and Chairman of the Board of Directors, Business Leaders for Michigan.

Doug Rothwell, President & CEO, Business Leaders for Michigan

This is why Business Leaders for Michigan made the first step of the Michigan Turnaround Plan about responsibly managing finances.  The Plan is a holistic, fact-based strategy to make Michigan a Top Ten state for job, economic and personal income growth. 

Our original plan called for the state to manage its money the way a responsible household or business would – by balancing the budget without one-time gimmicks, projecting revenues using sound information and projecting spending needs over the long-term.  Fortunately, the state has implemented many of these suggestions during the past year and as a result has been able to start paying down debt and generating a small budget surplus.  As a result, business confidence is up and Michigan’s economy is turning around.

We must build on the solid foundation laid this past year by memorializing in policy or law the practices outlined above so we don’t slip back into bad habits after this Governor and legislature leave office.  We need to continue paying down the billions of debt we racked up the past decade and require that every piece of proposed legislation have a “price tag” attached to it so policy makers understand the consequences of their actions.  We also recommend the state adopt a long-term strategic plan that clearly identifies what we should expect from state government to guide annual budgets.   

Adopting sound accounting practices and fiscal policies don’t get much attention in the news.  But we’ve seen around the world what happens when we ignore these basics.