Legislative analysts report $463 million General Fund carryover; revenue projection set at $5.99 billion

Keith Bybee, division manager for budget policy analysis with the Legislative Services Office, briefed the Joint Finance-Appropriations Committee on the General Fund “green sheet,” outlining current revenue and appropriation figures.

Bybee said the committee previously adopted a fiscal year 2025 revenue projection of $5,990,000,000 and that the Legislature is carrying a balance of $463,000,000. He told members the maintenance budget reflected in the sheet is about $5,404,000,000 — a 2.5% increase year over year and roughly $250,000,000 below the governor’s proposed maintenance figure.

The update highlighted pending legislation that could affect future revenue targets. Bybee called out House Bill 40, an income tax cut bill, and said its projected effect is a $253,000,000 reduction in fiscal year 2026 revenues. He also noted other tax-relief measures moving through the chambers and additional bills that could affect committee work, including Senate Bill 1028 (judicial positions) and a judicial-salary bill referenced from the House.

Why this matters: the green sheet is the committee’s running summary of revenue assumptions, maintenance appropriations and bill impacts that will guide budget decisions later in the session. Bybee told the committee he would continue to update the sheet as bills move across the rotunda and as the Legislature takes further action.

Committee members asked no substantive follow-up during the presentation; Bybee concluded by offering to answer additional questions as the session progresses. The committee will review the green sheet regularly as tax bills and other proposals advance.