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Legislative fiscal analysts report $5.99 billion revenue estimate, $463 million projected carryover
Summary
Legislative analysts reviewed the General Fund "green sheet," reporting a $5.99 billion revenue projection for FY2025, a $463 million balance carried from prior actions, and a maintenance budget roughly $250 million below the governor's request; several tax cut bills remain under review.
Keith Bybee, the Division Manager of Budget and Policy Analysis, told the Joint Finance-Appropriations Committee that the committee adopted a fiscal year 2025 revenue projection of $5,990,000,000 and that the Legislature is currently carrying a balance of $463,000,000 from prior appropriations and executive carryforward.
Why it matters: those topline numbers frame the committee's remaining work on tax bills and budget enhancements. Analysts told members the maintenance budget adopted so far totals about $5,404,000,000, roughly $133,862,600 (about 2.5 percent) more than the FY2025 original appropriation but about $250,000,000 below the governor's submitted maintenance budget.
Bybee walked members through the agency-level pages of the green sheet, noting which line items still had legislative action pending and which had asterisks indicating outstanding actions. He flagged several tax-relief bills circulating on the floor and in committees that could change multi-year revenue forecasts: most notably House Bill 40, the income tax cut bill, which analysts project would reduce revenues by about $253,000,000 in fiscal year 2026 and increase thereafter. Other measures (examples cited by analysts) include House Bill 83 and House Bill 93, which were on the house third reading calendar at the time of the presentation.
Analysts emphasized that the maintenance budget adopted by JFAC is slightly below the governor’s budget primarily because of differences on a health insurance component discussed earlier. The green-sheet presentation shows the caucused maintenance amount and the remaining enhancements yet to be reconciled as the committee considers revenue actions and policy bills.
Committee members asked no follow-up questions during the presentation; analysts said the green sheet will be updated regularly as bills move through both chambers and as the committee takes further revenue and appropriations actions. The committee did not take a formal vote on any revenue target or bill during this presentation.
Looking ahead: analysts asked members to consider pending tax bills and warned that the committee had “a lot of work” left on the revenue side, noting that adjustments to the adopted revenue projection or new bill activity could materially affect available resources for enhancements or new policy requests.
