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JBC approves sweeping transfers of cash fund interest, with carve-out for housing fund
Summary
The Joint Budget Committee agreed to transfer interest earnings from a set of cash funds that originate as general fund into the general fund, closing a budget gap; the committee made the transfers ongoing except for a one‑year sweep of the Housing Development Grant Fund for 2024‑25.
The Joint Budget Committee voted to transfer interest earnings from selected cash funds that originate as general fund into the state general fund, and to introduce a bill to carry out the transfers.
Committee staff briefed members that the package was intended to match a previously approved general fund balancing assumption and would make roughly $103 million available over two years if fully implemented. Craig Harper, GBC staff, told the committee: “The general fund overview ... assumes that this bill will make a total of…
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