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House Appropriations panel reviews Department of Financial Regulation budget
Summary
The House Appropriations Committee heard Feb. 9 from Department of Financial Regulation Commissioner Kai Sampson and staff on a 'level service' budget with a 2.9% increase, heavy salary and benefit costs, and the agency’s role in processing special-fund revenues that flow to the general fund.
The House Appropriations Committee on Feb. 9 heard the Department of Financial Regulation's budget presentation from Commissioner Kai Sampson and administrative services director David Cameron.
Sampson described the proposal as "a level service budget" that would raise the agency's spending by about 2.9% over the current year. "Eighty-six percent of the increase is derived from or rooted in just salaries and benefits," he said, adding that roughly "83%" of the total budget is salaries and benefits.
The department told the committee that it operates as a special-fund agency, collecting license fees and related revenue. "We take in a lot of…
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