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Senate subcommittee reviews cap-and-trade spending plan as finance officials propose one‑time transfer to motor vehicle account
Summary
The Senate Budget Subcommittee No. 2 heard May 1 from state finance and legislative‑analyst staff on the governor’s cap‑and‑trade spending plan, which largely repeats last year’s agreed framework but includes an $81.2 million transfer from the Greenhouse Gas Reduction Fund to the Motor Vehicle Account.
The Senate Budget Subcommittee No. 2 heard May 1 from Department of Finance and Legislative Analyst’s Office staff on the governor’s proposed cap‑and‑trade spending plan, including a one‑time $81.2 million transfer from the Greenhouse Gas Reduction Fund (GGRF) to the Motor Vehicle Account (MVA).
Brandon Merritt of the Department of Finance presented the revenue picture, saying the governor’s budget estimated 2024‑25 auction revenues at about $4.1 billion, roughly $600 million lower than the estimate in the 2024 Budget Act, while projected interest earnings from the State Money Investment Fund were higher—about $650 million for the…
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