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JFAC analyst: General Fund projections steady; House Bill 40 would cut $253 million in FY26
Summary
Legislative analysts told the Joint Finance-Appropriations Committee the Legislature is carrying a $463 million balance and the maintenance budget rose about 2.5% year over year. Analysts flagged House Bill 40, an income tax cut, as a projected $253 million reduction in FY2026 revenues.
The Joint Finance-Appropriations Committee heard a General Fund update from Legislative Services Division Manager Keith Phibbe, who told lawmakers the committee had adopted a FY2025 revenue projection of $5.99 billion and currently is carrying a balance of about $463 million.
Phibbe said the committee’s maintenance budget totals approximately $5.404 billion — a 2.5% increase over the prior year and roughly $250 million below the governor’s budget recommendation. He also flagged several pending tax-relief bills…
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