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State releases FY 2026 financial overview showing gap between budget growth and revenue projections
Summary
OMB Director Maxwell presented the Meyer administration's FY 2026 financial overview, showing a proposed $6.58 billion budget, $938 million bond package, and a gap between projected revenue growth and the proposed operating budget that could draw down the Budget Stabilization Fund in future years.
Director Maxwell of the Office of Management and Budget delivered a statewide FY 2026 financial overview, telling the Joint Committee on Capital Improvements that the recommended budget totals $6,581,100,000 with a bond bill just under $938,000,000.
Maxwell said the two largest revenue drivers are the personal income tax (35.4 percent) and corporate/incorporation revenue (27.7 percent). He told the committee the largest state expenditure remains public education at just under 36 percent of spending, followed by health and social services at 26.7 percent of the state share.
OMB highlighted that the governor's reset budget grows the operating budget by 7.37 percent compared to FY 2025, while revenue projections used in the financial plan show slower…
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