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Treasurer reports $1.7B cash, upgraded credit ratings and $292M stabilization account; warns FY25 revenues lower than plan
Summary
State Treasurer Monica Massapelli told the committee the state’s operating cash is lower than a year ago but remains strong, the revenue stabilization (rainy day) account totals about $292.5 million, and rating agencies upgraded the state; the treasurer flagged lower FY25 revenues and higher expenditures compared with recent trends.
Lede: State Treasurer Monica Massapelli briefed the Ways and Means committee on the state’s cash position, credit ratings and debt profile, emphasizing that although FY25 revenues were tracking below plan the state retained substantial cash and reserves that support its investment grade ratings.
Nut graf: Massapelli said operating cash that peaked near $2.8 billion in FY24 had declined to roughly $1.7 billion at the time of her briefing, and she flagged a projected $80 million in preliminary lapse shortfalls and slower interest income as ARPA dollars are spent down. She emphasized the revenue…
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