Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee hears governor's GovRec inputs: one-time buydowns and a proposed shift of purchase-and-use revenue
Summary
Julia Ritter explained the governor's budget would use one-time general fund transfers (including ~$105 million to buy down property taxes and ~$10 million to backfill an ongoing purchase-and-use revenue shift), and that moving ongoing purchase-and-use tax revenue out of the Education Fund would require higher property-tax revenue all else equal.
At the Jan. 27 Ways & Means Committee meeting, Julia Ritter presented the Education Fund outlook that incorporates the governor's recommended budget (GovRec) and an emergency-board update. Ritter said GovRec proposes two distinct one-time general fund transfers and an ongoing change to how purchase-and-use tax revenue is treated.
Ritter described the proposal as including roughly $105,000,000 in one-time general fund to buy down property taxes and an additional one-time $10,000,000 general-fund backfill to offset a proposed ongoing reduction of purchase-and-use tax revenue to the Education Fund in fiscal 2027. "Line 8…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
