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Treasurer says smoothing overpayment refunds would ease cash‑management pressures; committee votes 'ought to pass' on SB 652
Summary
State Treasurer Monica Muspellin told the Ways and Means committee that the treasury's cash position has declined from about $2.1B to $1.2B and that extending the schedule for returning tax overpayments would help liquidity; the committee voted 19–0 for 'ought to pass' on SB 652 during executive session.
The Ways and Means subcommittee held a work session on SB 652 and heard a detailed update from State Treasurer Monica Muspellin on the state’s cash position and liquidity management.
"As of Friday, our cash balance is a total of $1,200,000,000 compared to about $500,000,000 what we had exactly 03/20/2019," Muspellin said, placing the current balance in a multi‑year context and noting a decline from $2.1 billion in an earlier year. She attributed the change to multiple drivers including lower receipts, repeal of the interest and…
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