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Governor proposes FY2026 budget that maintains roughly $700 million structural surplus
Summary
Legislative staff presented the governor's FY2025–26 revenue and spending projections to the Joint Finance-Appropriations Committee, outlining a projected structural balance of about $700 million and a $338 million projected FY2025 year-end cash balance under the governor's recommendations.
The governor's recommended budget for fiscal 2026 projects continued revenue growth and a persistent structural gap between ongoing revenues and ongoing obligations, legislative budget staff told the Joint Finance-Appropriations Committee.
Keith Bybee, division manager for budget and policy analysis at the Legislative Services Office, said the governor's baseline for FY2026 uses a revenue forecast that produces a structural balance of about $700 million in the near term. "Short of focusing on that big peak during the COVID years ... the top red line is our general fund revenues," Bybee said during his presentation. He identified $5.9 billion as the governor's baseline revenue estimate and outlined projections…
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