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JBC updates Advanced Industries transfer, directs potential excess to controlled maintenance
Summary
The Joint Budget Committee approved updates to the Advanced Industries (bioscience withholding) transfer numbers and directed staff to place any excess above $2.5 million as a placeholder for the Controlled Maintenance Trust Fund; committee votes were unanimous where recorded.
The Joint Budget Committee on March 20 heard updated revenue figures for a proposed transfer of bioscience income tax withholding and approved staff changes to the transfers bill while directing how any excess funds should be shown in the budget.
Mitch Burmeister, JVC staff analyst, told the committee the department's estimate for the current fiscal year had risen from about $6,400,000 to about $11,000,000, an increase of roughly $4,600,000 that could be transferred to the general fund if the committee updated the transfer bill. "The number started at about 6,400,000.0. That was their estimate. It's actually gone up to about 11,000,000," Burmeister said.
The committee discussed whether to treat the newfound dollars as immediately available for appropriation or to place them into the…
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