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Officials explain 'cash fund' pay‑as‑you‑go approach for capital projects to Appropriations panel
Summary
Joint Fiscal Office and finance staff described the Cash Fund for Capital and Essential Infrastructure Investments, how recent transfers were used, and policy questions about guardrails, bonding capacity and long‑term funding strategy.
Emily Byrne of the Joint Fiscal Office and Scott Moore, a finance manager at JFO, briefed the House Appropriations Committee on May 20 about the state's cash fund approach for capital projects — the pay‑as‑you‑go alternative to traditional general obligation bonding.
Byrne said the fund was established in the 2022 appropriations act to provide cash for capital projects rather than issuing bonds and paying long‑term interest. “Cash fund is kind of an interesting name for this,” she said, noting that the statute codifies two subaccounts and that transfers to the cash fund have occurred in recent budgets when the general fund had available one‑time resources.
The Nut Graf: Committee members pressed presenters on the fund’s policy intent and guardrails — whether the cash fund should substitute for bonding on traditional capital needs,…
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