Governor’s FY2026 budget projects $147.5 million available; officials flag $15.5M excise-tax drop and pension-bond risk

The House Ways and Means Committee heard a presentation April 7 on the governor’s proposed FY2026 budget, which projects about $147.5 million in net revenue available for appropriation under a scenario that assumes the administration secures a pension-obligation bond. Committee members pressed finance and budget staff for underlying data, including construction-tax, excise-tax and hotel-occupancy receipts, and for a contingency plan if the bond is not issued.

The proposal, presented by Office of Management and Budget staff, shows a net available appropriation of about $147.5 million. "There is a net revenue available for appropriation of about a hundred and $47,500,000," said Ms. Villagomez of the Office of Management and Budget. Secretary of Finance reiterated the top-line figure and the assumptions behind it, saying the administration prepared two forecast scenarios tied to bond financing. "If we are unsuccessful, that brings us to scenario 2, where the full obligation ... drops our available budgetary resources to a hundred and 23,900,000," the Secretary of Finance said.

Why it matters: the forecast underpins agency spending and program allocations for the coming fiscal year and depends on a planned pension-obligation bond (or similar financing). Committee members repeatedly requested line-item and source-level detail to evaluate risks to services and priorities if the…