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Staff detail large savings balances, statutory caps and use in recession planning
Summary
Legislative staff outlined the growth of Idaho's budget stabilization and public education stabilization funds, described caps and recent statutory treatments that permitted balances above 15% and explained how the funds would be used to smooth revenue shocks in a recession.
Keith Bybee and Legislative Services Office analysts reviewed the state's savings accounts and emergency reserves, including the budget stabilization fund (BSF) and the public education stabilization fund (PSIF).
Bybee said the governor recommended a $59 million transfer to the budget stabilization fund that would bring the fund to about $939 million — the largest balance recorded — and noted the statutory cap is 15% of general fund revenues. "That additional…
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