Transcript Highlights:

• The $150,000 income cap for a family would disqualify more students each year as a result of inflation
• The current annual inflation rate is at 4.2%, but the GDP price deflator will not be as high as the inflation

Summary: The committee met to review and adopt Legislative Council ballot measure analyses, with members repeatedly reminded that the hearing was limited to the accuracy, clarity, and impartiality of the summaries and not the merits of the underlying proposals. Steve Premack explained the statutory role of the analyses in the publicity pamphlet, and staff presented draft language for several measures. The committee considered and voted on multiple amendments, often debating whether proposed wording was clearer or instead crossed into advocacy or added unnecessary legal detail. For SCR 1004, members debated amendments to more closely mirror the measure’s text and to add language about electric vehicles and mileage, but several proposed changes were rejected. The analysis was ultimately adopted by an 8-6 roll call. HCR 2021 was then adopted without amendment by the same 8-6 margin. For HCR 2055, members debated whether the summary should say the Department of Homeland Security must “do everything” or “use all lawful means available,” and whether to add language about cartels acting “individually or collectively”; both amendments were rejected and the analysis was adopted 8-6. The committee next took up SCR 1004 on photo enforcement systems, where members proposed amendments to clarify that the measure would apply to red light cameras, to add “thereafter” regarding recurring voter approval, and to specify that approval would occur at the general election; those amendments failed, and the analysis was adopted 8-6. On SCR 1032, dealing with instructional expenses and classroom site fund reductions, members debated adding a definition of the Classroom Site Fund and spelling out the waiver process in more detail; both amendments failed, and the analysis was adopted 8-6. Finally, on HCR 2001 regarding citizenship identification and early voting, members rejected amendments that would have added background on current law, clarified that mail voting would be affected, added severability and revenue-source language, and struck the measure’s short title; the discussion was lengthy and at times contentious, but the transcript ends before a final roll-call vote on that measure is shown.

Transcript Highlights:

• Inflation, rising transportation costs, workforce pressures, increased student needs, and enrollment
• situation where we have to make cost-of-living decisions because even 2% doesn't keep pace with inflation
• Even 2% doesn't keep pace with inflation.

Summary: The House convened with Girl State participants presiding for part of the session, including introductions of the student leadership and a unanimous voice vote passing House Concurrent Resolution 152 honoring the young women participating in Delaware Girl State. The chamber also welcomed congressional interns and other guests, accepted the prior day’s minutes, and observed a moment of silence for Nathan Cynix and Kara Feeley before prayer and the Pledge of Allegiance. A major portion of the meeting was devoted to tributes for Representative Ron Gray, who was recognized for his 14 years of service and his work on issues such as bond bills, dredging, bike paths, small business, constituent service, and agriculture-related funding. Multiple members from both parties praised his humor, honesty, mentorship, and dedication to the House and his district. Gray responded with extended remarks reflecting on his family legacy, legislative service, and appreciation for colleagues and staff, and the chamber later sang “Take Me Out to the Ball Game” at his request. The House then received communications, including Senate messages returning several bills and informing the chamber of Senate passage of additional measures. Members were also told that the FY27 bond bill, House Bill 500, had been placed on desks as a gift for review. The House read in Consent Agenda S, which included House Bill 476, House Joint Resolution 13, Senate Substitute 1 for Senate Bill 168, Senate Bill 297, Senate Substitute 1 for Senate Bill 319, and Senate Joint Resolution 21, and began a roll call vote on the consent agenda.

Transcript Highlights:

• And that is also inflation adjusted, so just kind of making sure that they're all in 2026 real dollars
• And that is also inflation adjusted.
• We were concerned that some retailers might use the conflict as a pretext to inflate their retail prices

Summary: The Assembly Committee on Utilities and Energy held a hearing on the impact of the Iran conflict and global oil supply disruption on California fuel markets. Committee members and administration witnesses from the California Energy Commission and the Division of Petroleum Market Oversight described California’s heavy reliance on imported crude and refined products, the state’s shrinking refining base, current inventory levels, and how global supply tightness is affecting gasoline, diesel, and jet fuel prices. CEC officials said near-term supply looked adequate for roughly the next six weeks, but warned that continued disruption would likely raise prices further and increase competition for imports. DPMO said the conflict is a real supply shock, but also emphasized a separate, longstanding problem of unusually high California retail gasoline prices, especially among major branded stations. Witnesses and members debated the causes of high prices and the state’s longer-term fuel strategy. Professor Severin Borenstein argued that much of the price gap beyond taxes and environmental costs comes from a “mystery gasoline surcharge” downstream of refineries, while also noting that California’s shrinking number of refineries creates market-power and supply-resilience concerns. Western States Petroleum Association CEO Jody Mueller argued that state policies have weakened California’s refining system and made it more vulnerable to global shocks, urging the state to protect remaining refining capacity and improve infrastructure for imports. United Steelworkers Local 675 Vice President Norman Rogers stressed the need for safe, reliable refinery operations and adequate staffing. Several members pressed witnesses on whether California should rely more on imports, how to manage inventories and port/storage capacity, and whether the state needs clearer authority and better data collection to coordinate fuel policy. Discussion also covered branded versus unbranded gasoline pricing, the role of California fuel specifications, and whether a floating gas tax or other policy tools could buffer consumers from global price spikes. No formal votes or committee actions were taken during the hearing.

Transcript Highlights:

• there's reimbursements back to the political subdivision, and you end up... ...having to pay almost an inflated
• We usually look at We usually look at the consumer price index and then do like an inflation adjustment
• We usually look at the consumer price index and then do like an inflation adjustment for the biennium

Keywords: 908, all

Transcript Highlights:

• authorized service centers, they can name the price to fix a vehicle or refuse to fix one altogether, inflating
• inflating the cost of repair and pushing inflating the cost of repair and pushing us<00:30:11.840>

Keywords: 1187, senate, all

Transcript Highlights:

• And that exceeded the rate of inflation at 29%.
• I'm not arguing whether, you know, it's whether they deserve it or there's a rise in inflation.
• Whether they deserve it or there's a rise in inflation, I mean, we're all having to deal with that.

Keywords: 1182, all

Summary: The committee first heard Superintendent Tom Horn’s State of Education address, which focused on school safety, academic outcomes, teacher pay, school choice, and opposition to DEI/CRT in schools. Horn argued that students cannot learn unless schools are safe, cited increased funding for school police officers and a recent Tucson charter school incident as evidence for more officers, and said the department’s academic efforts have centered on Project Momentum, tutoring, cell phone restrictions, career and technical education partnerships, and support for Native American districts. He also urged direct teacher pay increases through Proposition 123 and said the state board should revise teaching standards and school grading practices. Members questioned him about DEI compliance, cell phone enforcement, ESA accountability, teacher preparation programs, school safety funding, and literacy outcomes; Horn said the department’s role is largely advisory in a local-control state, that it tracks school practices on a website, and that it lacks academic outcome data for ESA students because private schools are not tested by the state. The committee then took up House Bill 2008, which would prohibit public school libraries from using public funds to pay dues or memberships to professional library associations that advocate for libraries and information services. Representative Cooper, the sponsor, said the bill was intended to keep school libraries politically neutral and prevent taxpayer money from supporting ideological advocacy, while arguing that membership could still be paid privately and that free professional development options exist. Opponents, including former librarian Judy Schweber, Marana board member Hunter Holt, and the ACLU of Arizona, argued the bill would undermine professional development, local control, and constitutional rights of association and petition, and that there was little evidence public funds were actually being used this way. Supporters, including Adrienne Johnson, said some library materials and associations promote political viewpoints and should not be funded with public dollars. After public comment and debate, the committee voted 7-5 to give HB 2008 a do pass recommendation. Members who explained no votes said the bill targeted a non-issue, lacked data showing a problem, and would divert attention from funding and literacy needs. Members supporting the bill said it was a reasonable restriction on public spending and a way to keep school libraries ideologically neutral. The committee then announced it would move on to House Bill 2249, the Parents’ Bill of Rights and Remedies.

Transcript Highlights:

• first there to a consumer price index so first there to a consumer price index so it would reflect inflation
• to make sure it would reflect inflation to make sure it would reflect inflation to make sure people

Keywords: 1136, house, all

Transcript Highlights:

• It would delay essential projects; even brief delays expose builders to the punishing effects of inflation
• essential projects at a time when even brief delays expose builders to the punishing effects of inflation

Keywords: 987, senate, all

Transcript Highlights:

• organizations, but that and also with the cost of electricity, costs of gas, costs of food, you know, inflation
• organizations but that and also with the cost of electricity costs of gas costs of food you know inflation

Keywords: 995, all

Summary: The committee on Economic Development and Emerging Technologies, chaired by Rep. Carole Fiola and Sen. Barry Finegold, held a lengthy hearing on a range of gambling-related bills. Testimony first focused on H. 496 to allow the Massachusetts Gaming Commission to authorize Plain Ridge Park Casino to add table games and more slot machines. Supporters, including Rep. Jeffrey Roy, Sen. Finegold, Rep. Barry R. Finegold, Rep. Brian Vaughn, and Plainville officials, argued the change was needed to keep Massachusetts gaming dollars from flowing to Rhode Island, protect jobs, and preserve local tax revenue. They described Plain Ridge as a strong community partner and cited host-community benefits such as municipal infrastructure projects and local aid. Opponents or skeptical witnesses later argued that expanded gambling, especially online, would increase harm and cannibalize existing casinos and local economies. The committee also heard testimony on bills related to sports betting restrictions and online gambling. Sen. John Keenan presented a “Better Health Act” proposal to ban prop bets and in-play bets, require affordability checks, prohibit hosts, raise the sports betting excise tax, expand funding for problem-gambling services, and increase research and data sharing. He and supporters framed the bill as a public-health response to addiction, suicide, bankruptcy, and other harms. Rep. David Nangle, speaking from personal experience with gambling addiction, strongly opposed internet gaming, warning that it would intensify addiction and expose children and families to 24/7 gambling on phones. In contrast, Rep. David Moradian and industry witnesses supported H. 4431 to legalize and regulate internet gaming, arguing it would bring illegal activity into a regulated market, generate new revenue, and include consumer protections such as age verification, deposit limits, self-exclusion, and responsible-gaming tools. The committee also took testimony on H. 4238, which would expand fundraising options for fraternal organizations, especially the Elks. Rep. Bruce Ayers and Elks representatives said the bill would help lodges raise money for scholarships, veterans’ services, and community programs after COVID-related losses and declining membership. On H. 480, Rep. Kathleen LaNatra, Rep. Badger, and representatives of veterans organizations and gaming-machine operators urged allowing qualified veterans groups to participate in certain video gaming activity, saying it would provide a sustainable revenue source to keep posts open and support veterans’ services. Dr. Rachel Volberg testified that expanding gambling, especially online gambling and slot machines at veterans organizations, would likely increase gambling harm, and she urged stronger harm-prevention measures, data reporting, and research funding. Other witnesses, including anti-gambling advocates and industry representatives, sharply disagreed over whether legalization would reduce illegal gambling or worsen addiction and social costs. No votes or final actions were taken during the hearing.

Transcript Highlights:

• So once accounted for inflation, fuel tax revenues continue to fall.
• I know we've talked about it in a lot of hearings, but instability caused by inflation, tariffs, and

Keywords: 995, all

Summary: The hearing opened with remarks from the co-chairs explaining committee procedures, testimony limits, submission instructions, and the new deadlines for acting on House and Senate bills. The committee then heard testimony on several bills related to agriculture, land use, environment, housing, transportation, and taxation, with legislators often taken out of turn. No votes were taken during the hearing. The first major topic was H. 3206, a bill to allow fossil fuel-free 529 college savings plans to qualify for the state tax deduction if MEFA does not offer a comparable option. Representative Steve Owens said the bill would not force MEFA or Fidelity to change existing plans, but would create a definition for fossil fuel-free funds and extend the deduction to qualifying out-of-state plans. The committee also heard strong local testimony on a Belmont home-rule petition, H. 3970, to change tax treatment for the Belmont Country Club under Chapter 61B. Belmont residents and officials argued the private golf course receives an unfair tax break that shifts costs to other taxpayers, while Senator Brownsberger and Representative Rogers supported the measure as a way to help the town recover revenue. Committee members asked about town meeting support, the club’s lack of payment in lieu of taxes, and the size of the tax savings. The committee next heard testimony on a vehicle miles traveled tax proposal, S. 1925, from Senator Barrett and economists Gilbert Metcalf and Christopher Knittel. They argued that declining gas-tax revenue and rising fuel efficiency, especially with electric vehicles, require a more stable transportation funding source; they also said a VMT tax could be designed to be revenue-neutral and mildly progressive, though members raised concerns about administration, fairness, EV disincentives, and the possibility of annual tax shocks. The largest block of testimony focused on the Ahead Act, H. 3194/S. 1973, which would double the deed excise fee and dedicate the new revenue to affordable housing and climate adaptation. Supporters from MACDC, MAPC, FICC, Boston Climate Action Network, CLF, 350 Mass, CHAPA, and a tenant advocate said the bill could generate about $300 million annually for housing production, vouchers, weatherization, resilience, and environmental justice communities, and that it links two urgent crises with a stable funding stream. The committee also heard testimony on the Conservation Land Tax Credit bills, H. 3147/S. 2083, which would raise the annual cap on the credit from $2 million to $5 million for three years and then sunset back down. Conservation groups and a landowner said the program has conserved thousands of acres and that the higher cap would reduce delays and help meet state conservation goals. Finally, the committee took testimony on the Fairness for Farm Workers bills, S. 2011/H. 3107 and S. 2012, which would extend overtime, minimum wage, breaks, and paid time off protections to farm workers and include a refundable tax credit to help farmers offset overtime costs. Senator Gomez and advocates described the bills as overdue civil rights and public health measures, citing low wages, long hours, dangerous conditions, and the racial history behind farm labor exclusions. The hearing also included testimony on H. 3240, a bill to give municipalities a local option vacancy tax on chronically vacant shopping malls, with the sponsor arguing it would help towns address blight, encourage redevelopment, and potentially create housing and tax revenue.

Transcript Highlights:

• Is there a policy for adjustment for inflation to that threshold?
• Thank inflation to that threshold? Thank you. >> Mr. Petrie, Mr.

Keywords: 916, all

Transcript Highlights:

• Some of that is due to factors that are unique to the health care system, but some of it is just inflation
• So you're saying, you're saying inflation?

Keywords: 907, all

Summary: The committee held an informational hearing focused first on Oregon Medicaid coordinated care organization (CCO) finances and rate setting. Oregon Health Authority staff explained how 2025 CCO financial results will inform 2027 capitation rates, including reserve requirements, subcapitation arrangements, and major cost drivers such as behavioral health, pharmacy, rural hospital costs, and dental directed payments. They said the Legislature’s added 2025 funding materially improved CCO margins and that, without it, the program would have been negative overall. Members asked about retained earnings, subcapitation, behavioral health utilization, ABA therapy, and whether outcomes are being evaluated; OHA said rate setting is actuarial and that CCOs, OHA, and other partners all play roles in monitoring efficacy and access. OHA also reviewed House Bill 4039 changes intended to increase transparency and give CCOs earlier access to rate information and reconciliation exhibits. CCO representatives then testified that the system is under significant financial pressure and that behavioral health state-directed payments, benefit changes, and federal uncertainty from H.R. 1 are reducing flexibility. CareOregon said it has lost more than $500 million over the last couple of years and is now making provider terminations and other network changes to align spending with available funding, while emphasizing that CCOs must make hard decisions about which services and providers can be sustained. Eastern Oregon CCO said rural and frontier factors, cost-based hospitals, air ambulance needs, and statewide efficiency adjustments are not fully reflected in rates, and that dental funding is especially strained. Trillium similarly warned that state-directed payments and benefit expansion pressures are constraining the global budget model and that H.R. 1 could worsen acuity and volatility. Members pressed the witnesses on who is responsible for evaluating treatment effectiveness, especially for ABA and psychotherapy, and on how utilization limits and reimbursement changes are being used to control costs. The committee then shifted to an overview of the Affordable Care Act and Oregon’s commercial insurance market. Department of Consumer and Business Services staff explained actuarial value, metal tiers, premium tax credits, medical loss ratio rules, and the main drivers of premium rates: cost trend, utilization trend, and administrative costs. They said mandates have likely added only a limited amount to premiums over the past decade, though the exact effect is difficult to isolate, and they gave examples of how high-cost, low-volume services versus broad, high-utilization services can affect rates differently. Staff also noted that Providence Health Plan and PacificSource Health Plans are withdrawing from the individual market, though consumers should still have at least three insurer options in every county and may have four in many counties. The division said it is in the middle of reviewing proposed 2027 rates and will continue its public rate review process, including hearings and written comment.

Transcript Highlights:

• Now, it's subject to inflation, and it's changed every year in terms of adjusting for inflation.

Bills: HB9, HB177, HB181, HB202, HB225, HB398, HB459, HB540, HB906, HB1052, HB1057, HB1245

Keywords: HB 9, HB9, Act 527, Shreveport, Stuffed Shrimp Capital, state symbol, Louisiana symbols, municipal designation, honorary title, cultural designation, tourism, local pride, seafood, shrimp, stuffed shrimp, cuisine, city branding, Louisiana Revised Statutes 49:170.26, court reporter, official court reporter

Transcript Highlights:

• Now, it's subject to inflation, and it's changed every year in terms of adjusting for inflation.

Summary: The Senate and Governmental Affairs Committee met on May 20, 2026, with a quorum present and no minutes available for approval. The committee first heard HB 181, which would let the legislative auditor review income tax data to verify eligibility for Medicaid and, at LDH’s request, SNAP. The auditor said the work would be limited to internal data testing under sharing agreements and not disclosed to third parties. After questions about privacy and duplication, the bill was reported favorably to the floor without objection. The committee then took up HB 906 on presidential preference primaries and party nominating petitions. The Secretary of State and bill author said the measure would let major parties decide whether unaffiliated voters may participate in their primaries, with 180 days’ notice to the state, and would keep party rules consistent within presidential years so elections can be programmed properly. Several senators raised concerns that the bill would disenfranchise no-party voters and give parties too much control, but supporters said both major parties had approved the approach. The committee voted 4-3 to report the bill favorably. Members also advanced HB 398, which would require the judiciary to use the federal GSA meal per diem rate instead of the current higher state judicial rate; HB 1052, which strengthens confidentiality protections for child abuse investigations handled by child advocacy centers and multidisciplinary teams; HB 1245, which protects witness criminal history records from unintended public release in clerk of court records; HB 202, which requires state civil service or hiring agencies to notify applicants when a vacancy is filled or they are rejected; HB 540, which requires disclosure of paid digital election advertising; HB 9, designating stuffed shrimp as a Louisiana specialty; HB 1057, extending the validity of absentee-by-mail applications for military voters from one year to two; HB 225, proposing a constitutional amendment to limit governors to two lifetime terms; HB 177, allowing retired court reporters to contract with former public employers; and HB 459, requiring disclosure when campaign materials use AI, with amendments adopted after discussion of First Amendment and campaign finance concerns. The committee also rejected an amendment to HB 1057 that would have expanded Sunday early voting in certain parishes. After the bills, the committee held confirmation hearings for James Kelly and Charles Wilkinson to the Board of Supervisors of the Louisiana Community and Technical College System, both of whom described education and workforce development backgrounds and were favorably received.

Transcript Highlights:

• Often repeated cost estimates rely on inflation-adjusted figures attributed to the state's livestock
• Since the last license fee increase in fiscal year 2010, inflation has increased to around 50% during

Keywords: 1184, house, all

Transcript Highlights:

• documented wide cost variation and oversight gaps, and our own 2020 research found the same cost inflation
• HB 2804 does not fix... ...inflation in Seattle and Phoenix LIHTC projects.

Bills: HB2352, HB2388, HB2418, HB2499, HB2500, HB2579, HB2584, HB2804

Keywords: funding, auditor general, county treasurer, procedural reviews, state appropriations, HB2388, Arizona Commerce Authority, ACA, small modular reactor, SMR, nuclear energy, advanced nuclear, data center, data centers, economic development, study, appropriation, general fund, jobs, wages

Summary: The committee first heard HB 2584, which would prohibit public funds from being used for genetic sequencing equipment made by companies owned or controlled by entities domiciled in a foreign adversary. The sponsor said the bill is intended to prevent sensitive genetic data from being sold or used against the United States. There was little public testimony, and the committee approved the bill on a 13-5 vote for a do pass recommendation. Members then considered HB 2804, a rural development and housing tax credit bill that would let the Department of Housing allocate up to $2 million per year in credits for qualifying rural affordable housing projects, with the program set to expire in 2037. Supporters, including the sponsor, the mayor of Flagstaff, and housing investors and developers, said the credit would leverage federal LIHTC dollars, attract private capital, and help finance affordable housing for seniors, veterans, and low-income residents in rural Arizona. Opponents from the Arizona Free Enterprise Club argued state LIHTC programs are inefficient, costly, and hard to oversee. The committee passed the bill 13-4. The committee also heard HB 2388, as amended, which appropriates $100,000 to the Arizona Commerce Authority to study the economic benefits of small modular reactors and data centers, with a report due by June 30, 2027. Supporters said the study could help Arizona plan for future energy and data-center growth, while opponents argued the agency already has other funding sources and should not receive additional money for the study. The amended bill passed 10-7. After a presentation from Auditor General Lindsay Perry on county treasurer procedural reviews and the Santa Cruz County embezzlement case, the committee approved HB 2352, which provides $2,385,900 in FY 2029 for the Auditor General to continue county treasurer reviews, on an 11-7 vote. The committee then unanimously approved HB 2418, as amended, which directs $600,000 to be evenly distributed among five major incident task force counties and codifies the longstanding distribution practice. Finally, the committee took up HB 2499, the first of two ESA administration bills, which would appropriate $2.6 million and 12 FTEs to the Department of Education for ESA administration and oversight beginning in FY 2027; the bill drew extended debate about ESA growth, accountability, testing, and spending oversight, but the transcript cuts off before the final vote.

Transcript Highlights:

• If there's a way to bump those caps higher or tie them to an inflation-adjusted index... ...to bump those
• caps higher or tie them to an inflation-adjusted index like CPI, that would be an option.

Summary: The committee first heard an update on the Joint Transportation Committee study of transportation impacts if the Lower Snake River dams were removed. WSDOT and Jacobs described the study’s phases, including current work on geology, infrastructure risk, and a total logistics cost model. They explained that the study is examining how freight now moved by barge—especially wheat, fertilizer, and wood—could shift to rail and roads, and they outlined several scenarios ranging from no-dam future conditions to new unit-train terminals, short-line rail options, and a combined “many solutions” scenario. Members asked about irrigation, impacts in Idaho and Oregon, port capacity, emissions, competition, EV trucks, and whether the model could estimate transportation effects if grain volumes decline. The presenters said the study assumes current production levels continue, does not model irrigation changes or broader farm-economics impacts, but does account for transloading costs and can estimate transportation impacts under different volume assumptions. WSU’s independent review team said the model has improved substantially but still needed refinement, especially in routing, road data, and spatial detail, and that stakeholder engagement had been strong though delayed by model development. No votes were taken. The committee then received a presentation on the alternative sidewalk funding study. Staff and consultants said the study is exploring ways local governments could sustainably fund sidewalk maintenance, repair, and new construction, using a statewide survey, interviews, national research, and case studies in eight jurisdictions. They noted sidewalks are important for pedestrian safety and connectivity, but there is no dedicated funding source in Washington, and existing grants and local revenue tools are highly competitive or limited. The consultants highlighted sidewalk fees or utility-style charges as the most promising option to study, while a parcel tax was largely set aside because of state property-tax uniformity concerns. Members asked whether the study would duplicate existing funding or add to current taxes, and how a sidewalk fee would be collected; the consultants said the goal is to expand local options, not mandate adoption, and that fees would likely be billed through utilities rather than property taxes. A preliminary draft report is due December 15, with a final report due in mid-June. Next, staff gave a brief update on the ocean-going vessels study, which is examining shore power and emissions rules for vessels at berth. The presenter explained that federal Clean Air Act rules and California waiver authority create legal limits on how far Washington can go if it wants to adopt similar standards, and that deviations from California’s approach can increase litigation risk. The report will summarize stakeholder outreach and will be presented in draft form at the next JTC meeting. Finally, county engineers from Chelan and Douglas counties began a presentation on county transportation challenges, with the association’s director emphasizing collaboration with state agencies and local partners on issues such as fish passage barriers and infrastructure needs. The county presentation was only beginning when the transcript ended, and no committee action or votes were recorded.

Transcript Highlights:

• in health care of about an 11 percent increase in prescription drugs and close to 7% on medical inflation
• Period, even after accounting for inflation.

Transcript Highlights:

• $1.03 in school year 18 to $1.71 in school year 24, an increase of 71%, which has outpaced general inflation
• They're going to inflate these numbers to get more money through the system.

Transcript Highlights:

• Inflation every year eats it up. So it's time, more than time.
• It wasn't even inflation since the last time we raised the funds.