Attention Investors:
House Releases First Iteration of The Biennial Budget
On Monday, January 27, House Appropriations and Revenue Chair Jason Petrie filed , which is described as a 鈥渟tarting point鈥� for the budget. 聽This legislation provides a two-year spending plan for state agencies and programs. The initial draft focuses on protecting the state鈥檚 core needs: public safety and law enforcement; K鈥�12 education and workforce readiness; healthcare access; and infrastructure maintenance. The bill includes $14.9 billion in annual base level spending. The provisions include a spending reduction of 4% in the first fiscal year (FY 27), and an additional 3% reduction in FY 28 for most state agencies.
In addition, the bill outlines other potential reductions in spending like reducing unnecessary allocations and programs that have outlived their purpose including: COVID-era programs that are no longer needed; duplicative grants and incentives; programs without clear performance metrics; and programs that could be outsourced to businesses. However it also carves out 聽targeted exemptions to protect critical services like education and public safety.
As it begins to move, the budget will be heard in the House Appropriations and Revenue Committee and then will head to the House floor for passage. The Senate will then have the opportunity to make changes, and the final budget will be hammered out in conference committee, a committee comprised of House and Senate leadership, both Appropriations and Revenue chairs, and select representatives from both chambers.
GLI continues to advocate for a number of budget requests for our local partners and the growth of the region. We will continue to monitor this bill as it moves and evolves during committee hearings, and advocate for continued investment in programs and entities in 夜色直播.