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Senate Finance advances budget package with $77.2 million education transfer; committee split on using funds to buy down property taxes
Summary
The Senate Finance Committee approved its section of the budget on a 5–2 roll call, moving a package that includes a $77.2 million transfer into the education fund that leadership says will be used for a property-tax yield adjustment; several senators urged caution over using large reserves given economic uncertainty.
The Senate Finance Committee voted to advance its budget language by roll call on April 25, approving the committee’s budget sections by a 5–2 vote. The package includes a $77,200,000 transfer from the general fund to the education fund that leadership and members said is intended to be available to support a separate education “yield” bill that can reduce property-tax rates.
Committee members engaged in extended debate over the fiscal prudence of using a large one-time transfer for a property-tax buy-down in the current economic environment. Several senators said the legislature has new information about federal funding and economic…
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