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Legislative services office projects $338 million year-end cash for FY2025, governor's budget keeps roughly $700 million structural surplus
Summary
Legislative Services Office presented the governor's FY2025 and FY2026 budget picture to the Joint Finance-Appropriations Committee, showing a projected $338 million FY2025 ending cash balance, a structural surplus near $700 million in the near term, and policy choices ahead on transfers, tax relief and school bonding.
Keith Bybee, division manager of budget policy analysis at the Legislative Services Office, told the Joint Finance-Appropriations Committee that the governor's recommended budget projects a $338 million ending cash balance for fiscal year 2025 and uses a mix of ongoing and one-time resources to fund the 2026 proposal.
Bybee said the state's revenue picture remains well above pre-pandemic trend lines because of population growth and residual federal pandemic support that boosted incomes. "For fiscal 2025, you're seeing a structural balance of almost $700,000,000 with the current revenue forecast," he said, describing the gap between projected revenues and projected expenditures as a policy choice for the legislature.
Why it matters: the difference between running a balanced program maintenance budget and a larger set of enhancements will determine how much of…
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