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Governor proposes two-year supplemental budget using rainy day fund, cuts and redirected revenues
Summary
The governor proposed a two-year supplemental budget through June 30, 2027, that balances a roughly $2.3 billion net shortfall with Rainy Day Fund transfers, repeals of select tax breaks, use of unspent funds and agency reductions while preserving key programs such as the Working Families Tax Credit.
The governor on Wednesday outlined a supplemental two-year budget that would carry the state through June 30, 2027, seeking to close an estimated $2.3 billion shortfall by using $1 billion from the Rainy Day Fund, reclaiming unspent state funds and cutting nearly $797 million in agency spending.
The governor said the plan is balanced and does not raise taxes, noting, "My proposed budget is balanced. It does not raise taxes." He described targeted investments in transportation, housing and public health — including $1,000,000,000 for three new ferries, $2,100,000,000 for roads and bridges, and $244,000,000 in housing — while preserving core services such as K–12 education.
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