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Joint Fiscal Office: $120 million identified for midyear budget adjustments; governor proposes property-tax hold
Summary
The Joint Fiscal Office told the committee that recent forecasts and unallocated appropriations combine to about $120 million in funds under consideration in the FY2026 Budget Adjustment Act, with the governor proposing roughly $70–75 million be held for property-tax relief.
Emily Burns of the Joint Fiscal Office told the committee on Sept. 17 that the Budget Adjustment Act (BAA) is a technical vehicle the administration and Legislature use to reconcile revenue and spending mid‑year, not normally to craft new policy.
"For the Budget Adjustment Act, usually presented by the Commissioner of Finance early January," Burns said, describing how forecasts adopted in January are updated in July and again before the governor's budget speech in January. Burns said the July consensus revenue forecast shows about $77.2 million of additional general…
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