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Budget analysts flag cap-and-trade revenue decline; committee reviews governor's GGRF spending plan
Summary
The subcommittee reviewed the governor's cap-and-trade spending plan and the latest estimates of auction revenues and fund condition for the Greenhouse Gas Reduction Fund (GGRF).
The subcommittee examined the governor's cap-and-trade spending plan and the near-term condition of the Greenhouse Gas Reduction Fund (GGRF).
Brandon Merritt of the Department of Finance told the panel that estimated auction revenues for fiscal year 2024—625 were roughly $4.1 billion, about $600 million lower than the estimate used in the 2024 Budget Act, and that the February 2025 auction produced about $851 million, below earlier projections. The governor's budget projects $4.2 billion for 2025—626 and proposes roughly $1.8 billion in…
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