Bill to Address Revenue Challenges Receives Hearing

April 5, 2018

Thursday morning members of a House Appropriations Subcommittee met to discuss HSB 684. The bill creates a reporting requirement for the Revenue Estimating Conference (REC), establishes a revenue estimating stabilization fund and sets parameters around when the monies in the fund can be expended. This legislation is meant to address fluctuations in state revenue versus the projections of the REC. The bill also reduces the state general fund expenditure limitation from 99 percent to 98 percent over two years. The legislation is a result of a presentation the Pew trust gave to members of the House Appropriations Committee earlier this year. The goal is to provide certainty and predictability in the state budget process. The bill is expected to advance out of the House Appropriations Committee next week.