JLBC: Revised forecast leaves $67 million cushion in FY2028; HR 1 could erase gains

The Joint Legislative Budget Committee reported updated revenue and spending projections at its fall Finance Advisory Committee meeting, saying the state’s general fund balances remain positive across the three‑year outlook but are constrained by a $67,000,000 low point in FY2028.

Richard (JLBC staff) said the forecast’s lowest ending balance — the figure that determines discretionary capacity — is a $67,000,000 cash balance in fiscal 2028. "The lowest ending balance in the 3 year budget projection determines the dollars available for discretionary purposes. And that lowest ending balance is a cash balance of $67,000,000 in '28," he said.

Why it matters: that floor limits how much lawmakers can add to the baseline without producing a shortfall in FY2028. JLBC staff listed roughly $580,000,000 of large one‑time projects in FY2026 that are not in the baseline; continuing any of them would have to fit within the constrained discretionary space. Staff called out two recurring "ongoing one‑time" items that routinely get funded out of nonrecurring dollars: a state employee health insurance…