The joint meeting of the House and Senate Appropriations Committees on Oct. 12, 2025, heard S&P Global
nd Legislative Council staff present a January revenue forecast that largely aligns with the governor's OMB numbers and were told each committee will move to accept a revenue forecast next week.

Legislative counsel fiscal analyst Adam Matyuk told the committees the memo posted with the presentation aligns the forecast figures with the governor's OMB numbers and noted S&P Global provided optimistic and pessimistic scenarios for comparison. "So this is just a very high level overview initially here for you," Matyuk said, adding the linked report includes more detailed analyses.

The exchange clarified how motor vehicle excise tax collections are reported: S&P provided total collections, but the Legislative Council memo shows the portion deposited in the general fund under current law. "Our numbers reflect half of their forecast for this memorandum," Matyuk said, referring to the roughly 50% allocation of motor vehicle excise tax receipts to the general fund under current law.

Nut graf: The committee emphasized that the S&P Global numbers do not depart significantly from the OMB forecast and that additional forecast information requested of S&P may be incorporated into a March update; committees will vote on a preliminary revenue forecast next week and establish a final revenue forecast after a March update.

Committee members asked questions about specific line items and data vintage. Representative Murphy questioned individual income tax projections and whether newer collections data were captured; Matyuk said the January forecast benefits from an extra couple months of actual collections data compared with the December forecast. Representative company (sic) and others asked for clarification on how totals and general-fund allocations relate to each other; Matyuk reiterated the memo shows the general-fund share to align with current law while the underlying forecasts list total collections for flexibility if allocations change.

S&P Global presenters invited questions during and after their presentations, and committee members requested additional detail on scenarios and drivers. Senator Bathard asked whether the optimistic and pessimistic labels correspond to numeric standards; the committee also asked S&P to list the key drivers behind those scenarios.

Ending: Legislative Council staff will compile committee requests for additional detail from S&P Global, members were told a motion to accept a revenue forecast will be considered early next week, and the committees will revisit an updated forecast in March before finalizing the session forecast.