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Governor's budget projects roughly $700 million structural surplus; committee hears details on revenues, transfers and benefits
Summary
The Joint Finance‑Appropriations Committee received the governor's FY2025–FY2026 budget overview from Legislative Services Office staff, who showed a multi‑year structural surplus of roughly $700 million in the current forecast and outlined proposed transfers, program maintenance and benefit assumptions.
The Joint Finance‑Appropriations Committee (JFAC) heard an overview of the state general fund on the budget forecast and the governor's recommendations, with Legislative Services Office division manager Keith Bybee presenting the numbers and assumptions.
Bybee said the governor's baseline revenue forecast and recommended budget keep a multi‑year structural delta — revenues above projected expenditures — of about $700,000,000 over the coming business cycle. “If a budget is a statement of your values, your previous legislatures have done you a big favor,” Bybee told the committee, adding that the current situation creates both flexibility and difficult policy choices for lawmakers.
The presentation summarized three main points: recent revenue history, cash reconciliation for FY2025, and the FY2026 budget picture. Bybee told members the state recorded about $5,700,000,000 in general fund collections in 2024 and that the governor's baseline forecast…
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