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Senate committee reviews proposed contingency reserve to set aside unexpected revenue for housing, education and tax relief
Summary
Finance staff told the Senate Appropriations Committee that language in Section 54 of the Budget Adjustment Act would reserve unallocated year-end revenue for priorities that include permanent housing, property tax relief and education; senators pressed officials about impacts on existing pension and balance-reserve formulas.
Adam Gresham, Commissioner of Finance and Management, briefed the Senate Appropriations Committee on a proposed contingency reserve in Section 54 of the Budget Adjustment Act that would set aside unallocated, year-end revenue for priorities including education, housing and property tax relief.
Gresham said the provision "was meant to acknowledge that there may be extra funding at the end of the year that we're not aware of." He told the committee that January revenue showed a single-month surplus of about $30,000,000 above forecast, and the administration wants a mechanism to hold uncommitted funds for later use.
The proposal names housing…
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