JBC adopts updated Advanced Industries transfer, directs excess above $2.5M to Controlled Maintenance Trust Fund
The Joint Budget Committee voted 6-0 to update the Advanced Industries transfer amount after department revisions and to direct staff to treat any general fund available above $2.5 million as a placeholder to transfer to the Controlled Maintenance Trust Fund in future legislation.
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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.
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