Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Fiscal Management topic
No spam. Unsubscribe anytime.
JFAC approves year‑end cash transfers and fund consolidations including bond levy equalization and legislative legal defense moves
Summary
JFAC approved a set of year‑end cash transfers and fund consolidations, including retaining the budget stabilization fund balance, transferring bond levy equalization funds to the General Fund (net ≈$37M), moving Constitutional Defense Fund balances into the Legislative Legal Defense Fund, and transferring the Governor’s Emergency Fund balance to the General Fund.
The Joint Finance‑Appropriations Committee approved several year‑end transfers and accounting directions to reconcile fund balances ahead of fiscal year end.
Keith Bybee, division manager for budget and policy analysis, summarized four actions. First, the committee used unanimous consent to direct the State Controller to retain the Budget Stabilization Fund balance rather than making a deposit that would push the fund above its statutory cap; the intent is to keep the balance near the cap while continuing to build reserves for future rainy‑day needs.
Second, by roll call the committee directed the remaining balance in the Bond Levy Equalization Fund to transfer to the General Fund; because $25 million of that balance had been moved earlier into a Rural Schools Revolving Loan Fund (HB338), the net positive to the General Fund will be roughly $37 million.
Third, committee leadership requested and moved to transfer the remaining balance in the Constitutional Defense Fund (about $1,133,249) to the Legislative Legal Defense Fund, bringing that fund’s balance to roughly $2.36 million to cover legislative legal expenses as directed by the Speaker and Senate Pro Tempore. Committee members discussed statutory roles of the Constitutional Defense Fund council but staff described this action as an appropriation and within JFAC’s authority.
Fourth, the committee approved transferring the Governor’s Emergency Fund balance ($652,527) into the General Fund. Senator Woodward commented on the historical nature of the governor's emergency fund and noted it had been little used.
All three fund‑balance transfers requiring roll call carried committee approval. Committee chairs said additional technical cleanup motions might still be needed as the session continues.
