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JFAC analyst reports FY2025 revenue projection, maintenance budget and bills that could affect state revenue
Summary
Legislative analyst reported a FY2025 revenue projection of $5.99 billion, a maintenance budget of roughly $5.404 billion (about 2.5% increase year over year), and highlighted tax bills — including House Bill 40 (an income tax cut projected to reduce FY2026 revenue by $253 million) — that could affect the committee's work.
Keith Phibbe, Division Manager of Budget Policy Analysis with Legislative Services, presented the committee’s green-sheet General Fund update and highlighted key fiscal figures and legislation that could affect the revenue target.
Phibbe said the committee had adopted a FY2025 revenue projection of $5,990,000,000, citing the Economic Outlook Committee and Revenue Assessment recommendation. He noted the FY2025 original appropriation was $5,200,000,000 plus reappropriations and executive carryforwards of $44,000,000 and that the Legislature was carrying over a balance of about $463,000,000.
On maintenance budgets, Phibbe said the committee’s maintenance budget totals reported in JFAC action were $5,404,000,000 — a year-over-year increase of about 2.5% and roughly $133,862,600 more than the FY2025 original appropriation. He noted that number is slightly below the governor’s maintenance budget by about $250,000,000.
Phibbe reviewed bills the committee will need to track, calling out House Bill 40 (an income tax cut bill) and saying JFAC’s projection for that bill is a $253,000,000 reduction in fiscal year 2026 (with additional growth thereafter). He also noted other tax-relief bills active on calendars (House Bill 83 and 93) and other measures that could alter committee workload, including a judicial judges bill (Senate Bill 1028) and a judicial salary increase proposal referenced in the presentation.
Phibbe closed by reminding members the committee will regularly review the green sheet as bills move across chambers and that the committee still must take action on some items affecting the revenue target.
