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Public Works Board flags $75 million governor proposal to transfer funds; seeks bond backfill
Summary
Board staff told members the governor's proposed budget would transfer $75,000,000 from the Public Works Assistance Account for fiscal 2027, raising biennial transfers to $363,000,000; the board said it will press for a dollar-for-dollar bond backfill in the next budget cycle to avoid cash‑flow shortfalls in fiscal 2028.
Chair Vince McGowan convened the Public Works Board on Jan. 9, where staff outlined potential impacts of the governor's proposed operating budget on the state's Public Works Assistance Account.
Maria, a board staff member, told the panel the governor's proposal includes "an additional 75,000,000 that is being transferred from the Public Works Assistance Account for fiscal year 2027," bringing total transfers from the account in the biennium to "363,000,000." She said staff have modeled several timing scenarios and are assessing consequences for monthly cash balances.
Maria said officials at the state Office of Financial Management and the treasurer's office indicated there is "flexibility in the…
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