Governors "keeping promises" budget emphasizes education, reserve growth and targeted investments; holds $100M for tax relief

Laurie Wolf, administrator of the Division of Financial Management, on Jan. 8 presented the governors executive budget to the Joint Finance and Appropriations Committee, outlining revenue projections, proposed transfers to reserve accounts and recommended enhancements for fiscal years 2025 and 2026.

Wolf described the proposal as a "keeping promises" budget that continues investments in education, infrastructure and workforce while maintaining a conservative revenue forecast and healthy reserves. "This is his keeping promises budget," Wolf said. She told the committee the budget is structurally balanced and maintains an ending balance in both years while using a conservative revenue baseline.

At a glance, the presentation included the following key figures and recommendations (committee staff provided the summary sheet shown to members): a general fund revenue projection of about $5.9 billion for fiscal 2025 and roughly $6.2 billion for fiscal 2026; a projected ending balance of about $383 million for FY25 and $227 million for FY26 after recommended transfers and expenditures; and proposed transfers including a $59 million transfer to the budget stabilization fund and a $50 million transfer to the public education stabilization fund for FY26. Wolf said the proposed transfers and reserves would result in a revert/reserve balance the staff…