Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Allocation topic
No spam. Unsubscribe anytime.
Senate Finance shifts education trust fund allocation to bolster general fund
Summary
The Senate Finance Committee approved changing the split of certain revenues, reducing the Education Trust Fund share from 41% to 35.5% and increasing the general fund to 64.5% to meet projected obligations, with an intended reserve of $25–30 million in the ETF.
The Senate Finance Committee on an unspecified date approved a change to the way certain state revenues are allocated, reducing the share to the Education Trust Fund from 41% to 35.5% and increasing the share to the general fund to 64.5%.
The change was presented during the committee’s review of the Department of Revenue Administration package. A senator moving the item said the adjustment “will allow us to meet all our obligations of both education as well as the General Fund.” The same speaker said the Legislative Budget Assistant was directed to keep a surplus balance in the education trust fund “between 25 and $30,000,000.”
Committee members asked for and received confirmation that the amendment was intended to preserve a modest reserve in the Education Trust Fund while freeing more revenue for the general fund. After discussion, the committee approved the item by voice vote.
The committee discussion framed the change as a response to updated revenue projections and the competing demands on education and general fund spending. No additional statutory citations or implementing language were debated on the floor during this segment.
Votes at a glance: The committee approved the Department of Revenue Administration item and the proposed change in revenue split by voice vote.
Ending: Committee members moved on to other portions of the finance package after the vote.
