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Joint finance committee hears General Fund 'green sheet' update as tax bills advance
Summary
Analysts told the Joint Finance-Appropriations Committee the Legislature is carrying a $463 million balance while revenue and tax bills now in play could change the committee's revenue target and budget path.
The Joint Finance‑Appropriations Committee received a General Fund “green sheet” update outlining current revenue and maintenance budget figures and highlighting tax bills that could alter the Legislature’s revenue outlook.
Keith Phibbe, Division Manager of Budget Policy Analysis, told committee members the Economic Outlook Committee and Revenue Assessment recommended a FY2025 revenue projection of $5,990,000,000 and said the Legislature is currently carrying a balance of $463,000,000. He said the committee’s maintenance budget now stands at about $5,404,000,000, a year‑over‑year increase of about 2.5 percent and roughly $250,000,000 below the governor’s budget.
The update matters because several pending tax bills could change the revenue baseline the committee uses to set appropriations. Phibbe flagged House Bill 40, an income tax cut that his office projects would reduce revenues by roughly $253,000,000 in fiscal year 2026 and would grow in subsequent years. He also noted a cluster of other tax relief bills and several measures that could affect the committee’s work, including Senate Bill 1028 (judicial judges) and a judicial salary increase filed as a House bill under the transcript label “House Bill 01/2024.”
“This committee’s got a lot of work to do with all of the tax bills on the green sheet,” Phibbe told members, noting the revenue target remains to be set and the green sheet will be updated as bills move through both chambers.
Phibbe walked members through the agency‑by‑agency maintenance figures on the green sheet and reminded the committee that asterisks on the page indicate items that still require legislative action. He said the maintenance totals reflected actions taken in committee so far and pointed members to where pending bills are listed and tracked on the sheet.
The committee did not take formal action during the briefing. Members asked no substantive questions during Phibbe’s presentation and the Fiscal Office will continue to update the green sheet as bills progress across both chambers.
