JFAC analyst outlines General Fund "green sheet," flags tax bills and 2.5% maintenance increase

Keith Phibbe, Division Manager of Budget Policy Analysis, told the Joint Finance-Appropriations Committee that the committee’s General Fund update — the “green sheet” — reflects a fiscal-year 2025 revenue projection of $5,990,000,000 and carries a balance of $463,000,000 the Legislature is holding over as of the latest review.

The committee’s maintenance budget, Phibbe said, currently totals about $5,404,000,000 in JFAC actions, a 2.5% increase from FY2025’s original appropriation. “Every member should have a copy of this nice green piece of paper,” Phibbe said when he began his briefing.

Why it matters: The green-sheet numbers set the baseline the committee uses to weigh enhancement requests, tax relief proposals and other changes. Phibbe and staff flagged several pending bills that could change the revenue trajectory, including House Bill 40 — an income-tax cut the analyst projected would reduce revenue by about $253,000,000 in FY2026 — and other tax-relief bills moving through the chambers.

Phibbe walked members through the line items committee staff monitor. He told the committee the FY2025 original appropriation was about $5.2 billion plus $44 million in reappropriations and executive carry-forward, and that where an asterisk remains on the green sheet column it indicates action still remains to be taken.

The analyst highlighted that, compared with the governor’s budget, the committee’s maintenance totals are running “right below $250,000,000” under the governor’s proposal. He also noted items outside the committee’s current maintenance calculations that will affect its work, including bills to create additional judicial positions and a judicial salary increase bill under consideration.

Committee members did not vote on budget figures during this briefing; Phibbe said staff will continue to present updated green-sheet numbers as bills advance. Members were reminded that the sheet is a running tool to track revenue, appropriations, reappropriations and pending legislative actions.

Phibbe offered to answer questions at the close of the briefing; none were taken at that time. The committee will continue to review the green sheet as bills progress through both chambers.