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Legislative budget office: FY25 outlook fluid as CAFR delay, falling revenues reshape picture
Summary
Legislative Budget Assistant Michael Caine told the Ways and Means committee the fiscal picture for fiscal 2025 is changing as auditors finalize FY24 numbers, business tax performance lags expectations and several off‑budget or statutory draws will hit next year.
Lede: Michael Caine, the Legislative Budget Assistant, told the House and Senate Ways and Means committees the state’s fiscal picture for fiscal 2025 is still evolving and depends on final FY24 audit results, revenue performance through January–March and several statutory appropriations that will draw on next year’s funds.
Nut graf: The Legislative Budget Assistant Office (LBA) provided a point‑in‑time summary showing the general fund and the Education Trust Fund (ETF) balances differ materially from the budget assumptions made in mid‑2023. Caine warned the committee the annual comprehensive financial report (CAFR) for 2024 remained delayed and multiple factors — from liquor commission accounting to business tax shortfalls and required statutory “true ups” —…
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