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Senate Appropriations hears JFO briefing on contingency appropriations and revenue forecast ahead of emergency board
Summary
The Joint Fiscal Office told the Senate Appropriations Committee how year-end contingency funds flow — stabilization reserve, carryforwards, contingent list, then rainy-day and pension splits — and said an updated forecast due at the emergency board next week adds roughly $77 million that could be available for the Budget Adjustment Act.
The Senate Appropriations Committee on Jan. 9 received a detailed briefing from Joint Fiscal Office staff on how carryforwards and contingency appropriations are closed out at fiscal year end and how an updated revenue forecast expected at the Emergency Board next week could change what is available in the Budget Adjustment Act.
Emily Burns, who identified herself as handling fiscal augments for JFO, told the committee that the year-end flow of extra revenues follows a specific order: first refill the stabilization reserve (targeted at about 5% before appropriations), then carry forward designated prior-year dollars (JFO used $138 million as an example), next fund the contingent-appropriations list and, only after those steps, allocate remaining money to the balance (rainy-day) reserve and the pension accounts.
The presentation noted that the contingent list included about $118 million at the…
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