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Treasurer explains debt‑service timing, meals-and-rooms omission and unclaimed‑property escheats at budget hearing
Summary
State Treasurer Monica Mazzappelli told the House Finance Division I how debt‑service timing and capital borrowing plans affect General Fund outlays, explained why the meals‑and‑rooms distribution was removed from the executive budget text though payments continue, and described unclaimed‑property escheats that provided roughly $19 million to the
State Treasurer Monica Mazzappelli updated House Finance Division I members on several budget items that shape the General Fund picture: debt‑service timing for planned capital borrowing, the accounting treatment of the meals‑and‑rooms distribution and the state’s unclaimed‑property (escheat) receipts.
Mazzappelli said the capital program and its timing — particularly a previously approved $40 million authorization tied to a correctional project — drives the year‑to‑year debt‑service profile. She emphasized that the Treasury issues bonds only when projects are ready to spend: “We will only bond when…
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