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JFAC adopts FY2025 revenue projection; FY2026 figure remains unsettled after split votes
Summary
The Joint Finance-Appropriations Committee adopted the Economic Outlook and Revenue Assessment Committee's FY2025 general fund revenue projection of $5.99 billion, but failed to adopt a FY2026 revenue number after competing motions drew divided support and the committee deferred further action.
The Joint Finance-Appropriations Committee on Friday adopted a general fund revenue projection of $5,990,000,000 for fiscal year 2025 but did not reach agreement on a revenue number for fiscal year 2026.
Committee members voted unanimously to use the Economic Outlook and Revenue Assessment Committee's (EORAC) FY2025 estimate when setting state agency budgets. Senator Woodward moved the FY2025 figure, saying the committee needed to "make that adjustment just based on updated revenue numbers." The committee recorded a 20-0 vote (10-0 in the Senate delegation and 10-0 in the House delegation).
Lawmakers then debated several competing FY2026 proposals: a $6.40 billion projection from EORAC, a $6.261 billion figure described in the governor's materials,…
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