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Committee reviews savings accounts: budget stabilization and public education reserves near caps
Summary
Legislative staff told JFAC the governor's recommended transfers would push the budget stabilization fund and public education stabilization fund toward statutory and policy caps, changing the state's capacity to respond to a recession.
Keith Bybee walked the Joint Finance-Appropriations Committee through the state's savings accounts and how the governor's proposed transfers would affect them. He said a governor-recommended $59 million transfer to the budget stabilization fund would bring that account to about $939 million, its largest balance to date.
"That additional $59,000,000 represents a 6.7% increase from fiscal year 2025," Bybee said, and noted the fund would hit the statutory limit of 15% of general fund revenues if revenues materialize as forecast.
Bybee…
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