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Committee hears how state 'cash fund' has been used to pay capital projects, and risks tied to federal match delays
Summary
Legislative fiscal staff reviewed the structure and recent use of the capital "cash fund," reporting roughly $45.7 million in cash appropriations over two years and warning that uncertainty around federal IIJA payments could leave municipalities without anticipated matching funds.
At an Appropriations Committee meeting, Joint Fiscal Office staff outlined how the state’s capital "cash fund" has been structured and used to pay for capital projects that otherwise might be funded by bonds.
The committee heard that the cash fund — formally described in the meeting materials as the cash fund for capital and essential investments and established in the 2022 Appropriations Act — has two subaccounts: a capital infrastructure subaccount for traditional capital projects and an "other infrastructure essential investments and reserves" subaccount that can be used for items such as federal-IIJA matching, transportation and revolving loan capitalization. Emily Byrne, Joint Fiscal Office staff, told the committee that about $36 million in cash was used for projects in fiscal 2024 and $9.5 million in fiscal 2025, for a combined $45.7 million appropriated to projects listed on the committee’s spreadsheet.
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