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Savings accounts near statutory caps as legislature weighs deposits amid higher forecasts
Summary
Staff told JFAC that the state's budget stabilization and public education stabilization funds would rise under the governors recommendations toward statutory caps; the committee was reminded that a 2009 recession drew down past reserves and that policy decisions will determine whether to hold or spend the balances.
Legislative staff briefed the Joint Finance-Appropriations Committee on the states rainy-day reserves and what higher revenue projections mean for savings accounts.
Why it matters: the size of the budget-stabilization fund and the public education stabilization fund affects how the state responds to revenue shortfalls without resorting to immediate cuts. Bybee and other staff framed the current position as significantly stronger than the 2009 recession era when the state drew down nearly all reserves and enacted deep cuts.
Budget-stabilization fund: staff said the governor's…
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