JFAC adopts $6.4 billion general fund revenue forecast for FY2026

The Joint Finance-Appropriations Committee on Wednesday voted to adopt a $6.4 billion general fund revenue forecast for fiscal year 2026, accepting the recommendation of the Economic Outlook and Revenue Assessment Committee.

Mr. Bybee, a budget staff member who briefed the committee, said the Economic Outlook committee recommended a $6,400,000,000 revenue number for FY2026 and compared that figure to other projections on the table. “The Economic Outlook Committee presented a report, that suggested, the legislature adopt a revenue number of $6,400,000,000,” he said during the presentation.

Committee members debated timing and fiscal approach before the roll call. Senator Janie Ward Engleking said she would vote no because she disagrees with the committee setting a revenue projection after taking actions that reduce revenue. “I will be voting no on this because I think this is the wrong way to do our budgets,” Engleking said, adding she preferred setting the revenue projection earlier in the session so spending and tax decisions align to that target.

Senator Wintrow and other committee leaders argued the adopted number is reasonable and allows the state to maintain essential services while pursuing tax relief where appropriate. During discussion Mr. Bybee noted that general fund revenues were running above prior year levels, with a referenced projection of about 2.9 percent growth over the previous year and that major revenue months remain to be reported.

The committee’s roll call produced 16 ayes, 2 nays and 2 absent/excused, a majority required for adoption. The committee chair declared the new revenue number will proceed as the working fiscal baseline.

No additional legislative action on the revenue figure was taken during the meeting; the forecast will be used as part of the committee’s ongoing budget work.