Joint committee adopts FY2025 revenue projection; FY2026 revenue number unresolved after split votes

The Joint Finance and Appropriations Committee adopted the Economic Outlook and Revenue Assessment Committee’s recommended general‑fund revenue projection of $5,990,000,000 for fiscal year 2025 after a two‑house vote that recorded 20 yes, 0 no.

Senator Woodward moved the FY2025 revenue projection on the committee floor and asked members to adopt the economic outlook committee’s recommendation. “We need to make that adjustment just based on updated revenue numbers,” Woodward said in introducing the motion. The motion was seconded and, after the committee’s two‑house roll call procedure, the chair announced a final tally of 20‑0 in favor.

The committee then debated the FY2026 revenue projection. The Economic Outlook and Revenue Assessment Committee recommended a $6,400,000,000 projection; the governor’s recommended number (the administration’s budget baseline) was lower. Representative Petsky moved to adopt the economic outlook committee’s $6.4 billion projection. Senator Woodward offered a substitute motion to set the FY2026 projection at $6,330,000,000.

Committee members debated the competing proposals at length. Supporters of the substitute called it a conservative compromise between the economic outlook number and the governor’s recommended baseline; supporters of the economic‑outlook number said their committee’s work produced a cautious, consensus forecast. After separate roll calls, the substitute motion failed to carry a majority of both houses in committee and the main motion likewise did not obtain the required majority from both bodies. The chair announced that the original motion had failed to gain a majority from both the Senate and House in committee and that the matter would be postponed for further consideration.

Ending: The committee left the FY2026 revenue number unresolved; staff and members said they would return to the question at a later meeting before agency budgets are finalized.