Ways and Means approves multi-year revenue estimates, records four committee decisions in executive session

The House Ways and Means Committee met in a work session to review and adopt multi-year revenue estimates and to consider several bills in executive session. Committee members discussed Department of Revenue Administration (DRA) analyses, transfers to municipal and school building accounts, and refund patterns before approving a set of estimates the committee plans to package into a resolution.

The committee spent the morning and early afternoon reviewing DRA spreadsheets that present gross revenue, municipal transfers and net amounts for the general fund and the education trust fund. DRA staff member Chris walked members through the worksheets and the logic for backing out municipal transfers and school building aid from gross meals-and-rooms receipts, and provided a printout of an email from the state insurance commissioner. "The short answer is yes and yes to both of those questions," Chris said when summarizing the insurance department's response about how disasters and premiums are factored into their estimates.

Why it matters: the adopted estimates drive the fiscal assumptions in the upcoming budget resolution and determine the amounts available to the general fund, the Education Trust Fund and dedicated accounts such as the Affordable Housing Fund. The committee’s choices—whether to use DRA low estimates, highs, or committee averages—affect budget planning for the next two fiscal years.

Most important actions and figures - Insurance tax: Members accepted DRA’s column F…