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JFAC analyst: FY2025 revenue projection $5.99 billion; House tax-cut bills would shrink future receipts
Summary
Legislative analysts told the Joint Finance-Appropriations Committee the committee is working from a FY2025 revenue projection of $5.99 billion and flagged several pending tax bills that would reduce future receipts, including House Bill 40.
Keith Phibbe, Division Manager for Budget Policy Analysis at the Legislative Services Office, told the Joint Finance-Appropriations Committee that the Legislature is operating from an adopted FY2025 revenue projection of $5,990,000,000 and currently carries an unspent balance of about $463 million.
The projection and an updated “green sheet” that Phibbe distributed to members matter because they set the revenue baseline for budget decisions that JFAC will take during the session. Phibbe said the committee’s maintenance budget so far totals about $5.404…
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