On the heels of yesterday’s April revenue numbers (down 36% year over year), members of the House and Senate will have a joint legislative committee meeting this morning at 11:15am, virutally.
You can watch the meeting here.
The legislature must pass a budget prior to the end of the fiscal year, which is June 30th.
The bogey for cuts is 14%, though some believe the impact next year will be closer to 20%, others don’t yet see the evidence that would require cutting to or through the bone. Another wildcard is the amount of federal assistance in the pipeline. While some funds have been approved to cover Covid related responses and emergency education funding, other state funds are more political. There’s a reluctance to drop helicopter money on state and local governments beyond Covid; where some states are hoping for federal money to prop up prior fiscal mis-management and a bailout of pension programs that were insolvent well before the current crisis.
Regardless, this morning’s meeting will be some of the first public comments showing what budget writers are thinking as we all search for data that projects and economy and the taxes it will generate. May the odds be ever in our favor.