JBC adopts updated Advanced Industries transfer, directs excess above $2.5M to Controlled Maintenance Trust Fund

The Joint Budget Committee voted 6-0 on March 27 to adopt staff revisions to the Advanced Industries (Advanced Industries program / Bioscience Income Tax withholding) fiscal-year transfer and to direct staff to treat any general fund remaining above $2,500,000 above the reserve requirement as a placeholder to be transferred to the Controlled Maintenance Trust Fund in future legislation.

The action followed an update from Mitch Burmeister, JBC staff analyst, who told the committee the department’s estimate for the current fiscal year started at “about 6,400,000” but had “actually gone up to about 11,000,000. So, that would be an increase of about $4,600,000 that could be transferred to the general fund if the committee wants to update those numbers in the transfer bill.” Burmeister also noted an additional roughly $60,000 increase in the 2025–26 forecast and asked the committee to authorize adjustments to numbers and the transfer date in the existing transfers bill.

Craig Harper, Joint Budget Committee staff, explained the…