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Treasurer reports $444.6M general fund cash; committee flags $459M in incentives that reduce appropriable funds
Summary
The State Treasurer reported a general fund cash balance of $444,566,122.13 and an interfund borrowing base of $9.18 billion; committee members discussed that $459 million in incentives are reported 'off the top' and therefore not appropriable.
Katie O'Connor of the State Treasurer's Office presented the treasury's cash and interfund borrowing report, telling the Revenue Estimating Committee that the general fund cash balance as of May 5, 2026, was $444,566,122.13 and the state's interfund borrowing base at April 2026 was $9,182,925,830.3. O'Connor said packet pages include daily balances and comparative month‑end graphs for FY2025 and FY2026 and that the treasury will notify the committee of any significant changes.
Committee members discussed the effect of tax incentives that are taken 'off the top' of collections before appropriation. The committee reviewed a reported actual amount of $459,000,000 in incentives that reduce funds available for appropriation; Jared Coniglio, Secretary of Revenue, confirmed that the REC packet includes incentive reporting but that a broader tax‑exemption/booklet total is larger than the single line reported at the meeting.
The Treasurer's office will continue to monitor daily cash flow and interfund borrowings and to provide updates to the committee if conditions change. The committee then proceeded to other agenda items and adjourned.
