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Budget office defends conservative revenue forecasts and planned use of rainy day fund
Summary
Budget Secretary Ori Munson told the House Appropriations Committee the administration used conservative five‑year revenue assumptions and a statutory five‑year sustainability test when certifying property tax relief and planning to use a portion of the budget stabilization (''rainy day'') fund to balance the proposed budget.
Budget Secretary Ori Munson told the House Appropriations Committee on Feb. 25 that the administration used conservative five‑year revenue assumptions when preparing the governor's budget and that the statutory test requires examining sustainability over five years.
Why it matters: Lawmakers pressed the budget office about apparent gaps between recent spending increases and modest out‑year growth rates in the financial plan, and about the administration's proposal to draw down $1.6 billion from the Budget Stabilization Reserve (the state "rainy day" fund) to help balance the 2025‑26 budget.
Munson said the budget office distinguishes ‘‘budget’’ (one year) from ‘‘financial planning’’ (the out years) and that the office relies on annually refreshed information.…
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