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Lamont administration proposes narrowly balanced biennial budget, seeks volatility-cap change
Summary
State officials presented a biennial budget that they say is narrowly balanced under the spending cap but relies on a change to the volatility cap threshold and a mix of one-time and ongoing adjustments to close a projected gap.
Jeff, secretary of the Office of Policy and Management, told the Appropriations Committee that the governor's proposed two-year budget is narrowly balanced and would require a legislative change to the volatility-cap threshold to provide added spending room. "We had to make up 2 years of growth in 1 year in fiscal 26," he said, describing the pressure on the first year of the biennium.
The proposal would move some previously off-budget items into other funds, rely on carry-forward revenue and one-time surplus deposits to seed new initiatives, and asks the General Assembly to use "implementer" language to adjust the volatility cap's starting…
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