Transcript Highlights:

• </c> impact of bar on disrupting generational impact of bar on disrupting generational poverty.<00:05
• </c> districts to generate local revenue. districts to generate local revenue.
• Um, but in general, if specifics.
• The general fund. question. The general fund. Senator<01:39:28.080><c> Funworth.
• </c> generation of workforce and taxpayers. generation of workforce and taxpayers.

Keywords: 1187, senate, all

Transcript Highlights:

• </c> of Safety Highway funds and General of Safety Highway funds and General funds<00:13:00.720><c> the
• This is just general information.
• This is just general information.
• This is just general information.
• This is just general information.

Keywords: 928, house, all

Summary: The Department of Safety presented an overview of highway fund and unrestricted revenue collections, focusing on the Division of Administration, the Road Toll Bureau, and the Division of Motor Vehicles. Amy Newbery explained that the main unrestricted funding sources are highway funds and general funds, with highway fund revenue of about $263 million in FY 2024 and a FY 2025 projection of $261.2 million. She said revenue growth has been modest and has not kept pace with costs, creating structural deficits that required general fund transfers of $50 million in FY 2022-23 and another $10 million in FY 2024-25 to balance the fund. Jennifer Hall described Road Toll operations, including motor fuel tax collection at the distributor level, compliance enforcement, and licensing for fuel distributors, transporters, IFTA carriers, and oil discharge/pollution control. Members asked about IFTA, dyed-fuel enforcement, the possibility of using the state forensic lab for dyed-fuel testing, and whether audit positions had been filled; the department said it recently hired a part-time fuel enforcement officer, still uses IRS testing, could explore lab testing, and had no audit vacancies. Hall also discussed factors affecting fuel-tax revenue, including gas prices, crude oil forecasts, weather, tourism, GDP, and inflation, and said FY 2024 road toll revenue was $127.5 million, above plan, with FY 2025 projected at $127.71 million. The committee then turned to DMV-related revenues. Newbery said motor vehicle registration revenue was $93.1 million in FY 2024 and is projected at $90.4 million in FY 2025, with the state share going directly to the highway fund. Members asked about the state/town fee split, the five-year registration cycle dip, the distribution of registration revenue by vehicle weight category, and the impact of electric-vehicle surcharges; the department said the five-year dip is still occurring and will fade over time, and it would follow up on the weight-category breakdown. The presentation also noted that driver-license revenues have stabilized, inspection revenues remain steady, plea-by-mail revenue was added to the highway fund in FY 2024, and general fund revenues tied to the department are relatively small and have declined as some functions moved to OPLC. No votes or formal actions were taken.

Transcript Highlights:

• Committee on Children and Families Finance and Policy, be given a second reading, and be placed on the general
• register, we can just to the general register, we can continue<00:09:11.800><c> to</c><00:09:11.920>
• Members, it was an increase of 26,385% in AI-generated child sexual abuse material.
• </c> there was an increase in AI-generated there was an increase in AI-generated child<00:13:22.360><
• child sexual abuse of AI-generated child sexual abuse material. material. material.

Keywords: 1183, house

Transcript Highlights:

• I am the chief operating officer and general counsel for the United States Equestrian Federation. >>
• Rather, generally what has happened is we've been made aware of an individual's presence and then we
• Rather, generally what has happened is we've been made aware of an individual's presence and then we
• Rather, generally what has happened is we've been made aware of an individual's presence and then we
• what has happened is we've uh generally what has happened is we've been<00:04:09.200><c> made</c><00

Keywords: Meeting Start: 00:07 Attendance Roll Call: 00:14 SB 68 Discussion 01:21 SB 68 Vote 04:40 SB 20 Discussion 05:34 SB 20 Vote 08:12 Adjournment: 09:15, 958, all

Transcript Highlights:

• SO ALL THAT POWERED WHAT WE DID IN THE GENERAL REVENUE FORECAST.
• YOU CAN SEE IN THE BLUE BAR GOING ACROSS THE BOTTOM THAT UNALLOCATED GENERAL REVENUE IN TOTAL IS JUST
• THIS YEAR RESERVES OF NEARLY 15 BILLION ARE ABOUT 29.7% OVER GENERAL REVENUE ESTIMATE SO VERY STRONG.
• CURRENTLY THAT FUND ACTUALLY GETS MORE THAN GENERAL REVENUE.
• THAT IS RECURRING REDIRECTS INTO AND OUT OF THE GENERAL REVENUE FUND.

Keywords: 999, senate, all

Transcript Highlights:

• This net increase is offset by 5.3 million in general revenue for one-time startup costs associated with
• In addition, DPS is requesting $5 million in general revenue to increase automation and self-help call
• In addition, recommendations include $10 million in general revenue for the Texas Ranger Hall of Fame
• Recommendations include 402.6 million in general revenue, 567 commissioned law enforcement officers,
• Totalling 1, excuse me, 1.3 billion in general revenue and 1,271 FTEs.

Transcript Highlights:

• Those tend to be first-generation policies that mostly came out of the world wars.
• These tend to be referred to as second-generation policies.
• These tend to be referred to as second generation policies.
• Generation after generation of families are stuck in the hamster wheel of who stays in subsidized housing
• Housing advocacy is something that has been in my family for generations.

Bills: H5008

Keywords: rent control, housing stability, tenants rights, affordability crisis, consumer protection

Summary: The Special Joint Committee on Initiative Petitions held a public hearing on Initiative Petition 25-21, House Bill 508, an act to protect tenants by limiting rent increases. The chair explained the ballot process under Article 48 and outlined the hearing structure. The first witness, a Harvard Joint Center for Housing Studies researcher, described Massachusetts’ worsening rental affordability, explained how rent regulation policies are typically designed, and reviewed research suggesting rent regulation can slow rent growth and improve tenant stability, while also noting concerns about reduced supply, quality, and implementation details. She compared the proposal to other state and local rent-stabilization laws and said the measure would cap increases at the lower of CPI or 5%, exempt certain housing types, and apply to new tenants as well as current tenants because it would not allow vacancy decontrol. Supporters of the petition argued that rent stabilization is needed to address displacement and immediate affordability pressures while broader housing production continues. The proponent from Homes for All Massachusetts said the policy is a grassroots response to corporate rent hikes and cited examples of tenants facing steep increases. A tenant from Arlington described a long dispute after a building was purchased by an investment firm and rents were raised sharply, saying the experience showed how rent increases can function as eviction. A union leader said high rents are forcing workers out of the communities they serve, and two experts testified that rent stabilization can reduce displacement and provide broad, immediate benefits. Committee members asked about the proposal’s exemptions, the 10-year new-construction carveout, vacancy decontrol, and whether the policy could discourage development; supporters said the bill targets large landlords, preserves room for small owners, and should be viewed as a complement to new housing production. Opponents, including small property owners, a chamber of commerce representative, a union official, and a landlord, argued the measure would hurt small landlords, reduce investment, and slow housing production. They said operating costs such as taxes, insurance, and maintenance rise faster than the proposed cap, and warned that capping rents would lower property values and tax revenues. Several opponents emphasized that many housing providers are not large corporations but local “mom-and-pop” owners, and one said the proposal would discourage pension funds and other investors from financing new projects. Committee members pressed opponents on what alternatives they would support for affordability, and opponents pointed to increased housing production and other housing policies instead of rent control. No vote or final action was taken at the hearing.

Transcript Highlights:

• , where the Attorney General is able to step in and intervene.
• , where the Attorney General is able to step in and intervene.
• , where the Attorney General is able to step in and intervene.
• Furthermore, by regulating service-generated content differently than user-generated speech, the bill
• If the Attorney General prevails in such action, the court shall award the Attorney General all attorney's

Keywords: 989, all

Summary: The committee first took up HCR 31, a resolution honoring former Representative Lyndon Bateman. Senator Anthon, Tess Molitor, and David Leroy described Bateman’s long legislative service, his work on Idaho Day, cursive instruction, history, and his distinctive humor and letter-writing. Members spoke warmly in support, and the committee voted unanimously to send HCR 31 to the Senate floor with a due pass recommendation. The committee then heard gubernatorial appointments to the State Building Authority from Nicholas Gouho and Todd Christensen, both of whom outlined extensive backgrounds in construction, development, finance, and public service. The committee also approved reappointments of Robert Donaldson and Irving Littman to the Idaho Endowment Fund Investment Board, sending both to the floor with confirmation recommendations. Several RS requests were introduced: RS 33-634 on liability protections for private polling places, RS 33-674 encouraging a 5% legislative salary reduction, RS 33-693 revising 340B drug reporting requirements, RS 33-712 clarifying surveyor access under a trailer bill, and RS 33-697 requiring definite identification before cremation. Each was moved to print without opposition. The committee also advanced HB 637, which would clarify Idaho’s gold and silver legal tender law by allowing foreign or domestic bullion, and HB 573, which expands who may teach the enhanced concealed carry course to include certain certified instructors with eight years’ experience. A major portion of the meeting focused on HB 542, the “Shazam Act,” which would restrict addictive social media features for minors, require age estimation and parental consent, and create enforcement through a private right of action and the Attorney General. Sponsors and supporters argued it would protect children from addiction, suicide, and harmful data practices and put parents back in control. Opponents from Meta, CCIA, NetChoice, and TechNet raised constitutional, privacy, and implementation concerns, while some committee members questioned the private cause of action. The committee ultimately voted to send HB 542 to the 14th order for possible amendments rather than directly to the floor. The committee then began hearing HB 561, a bill on government flag displays and enforcement, with testimony largely supporting limits on public flag displays to neutral or officially recognized flags, but the transcript cuts off before final action on that bill.

Transcript Highlights:

• Generated child pornography.
• images of minors. ...generated thing without consent.
• Like, we don't want AI-generated child porn out there, like, illegal, done.
• But if it's AI-generated... Can you define what you're talking about?
• to be the next greatest generation.

Keywords: 959, house, all

Transcript Highlights:

• It's been 40 years since legislation was enacted on Water's Edge election, and that was a generation
• But in general, we’re not predominantly concerned with firms leaving the state. Thank you.”
• In general, a few other things to note about income shifting.
• If you have double taxation, you're going to generate a lot of litigation. non-U.S.
• General Lady Eels, does Mr. Baker have a question?

Summary: The joint informational hearing focused on California’s taxation of foreign subsidiaries of U.S. corporations, especially the state’s water’s-edge election versus worldwide combined reporting. Committee members and witnesses discussed how unitary taxation and sales-factor apportionment work, why multinational corporations are a small share of filers but a large share of tax liability, and how foreign income, profit shifting, and double taxation concerns affect policy choices. The Franchise Tax Board explained current filing rules, the seven-year water’s-edge election, and recent filing statistics showing about 21,562 water’s-edge returns in 2023, roughly 6% of C corporation filers but about half of corporate tax liability. The Legislative Analyst’s Office and FTB staff emphasized that revenue effects from eliminating water’s edge are uncertain because foreign affiliate income is not directly observable, and they noted possible revenue volatility and administrative complexity. Several committee members asked about foreign government pushback, the burden on FTB, whether certain industries are more likely to shift profits, and whether companies would leave California; witnesses generally said there was no strong evidence that firms would exit the state because tax liability is driven mainly by California sales. They also discussed how California already administers both methods, how the election can be advantageous or disadvantageous depending on a firm’s facts, and how federal reforms like GILTI/NCTI, CAMT, and OECD Pillar Two may affect the issue. The second panel presented sharply contrasting views. One professor and a tax policy advocate argued that water’s edge creates unfairness, encourages profit shifting, and leaves California with billions in lost revenue, while a Tax Foundation witness argued that mandatory worldwide reporting would tax the wrong income, create double taxation and litigation risk, and impose heavy compliance burdens, especially for foreign-based multinationals. A later panel from the California Budget and Policy Center supported closing the “water’s-edge loophole,” saying it would raise needed revenue for public services and level the playing field between large multinationals and smaller domestic businesses. No vote or formal action was taken; the hearing was informational only.

Transcript Highlights:

• So it's usually you're going to have a general contractor with subs, and the general contractor will
• there would be some kind of NTTC for the developer too, and the general...
• unless there's a special appropriation that is given from the general fund.
• An enterprise agency that purely survives on money that they can generate.
• So in general, gas cars, there are more of them that are larger.

Bills: SB36, SB88, SB92, SB97, SB48, SB55, SB58, SB76, SB93, SB89, SB60

Keywords: quantum technology, tax credit, infrastructure, economic development, New Mexico, corporate tax, research and development, innovation, foster care, income tax, guardianship, youth services, financial relief, affordable housing, gross receipts tax, tax deduction, construction materials, multifamily housing, low income, tax credits

Transcript Highlights:

• And our budget is $200 billion, and our general fund budget is $230 billion.
• Where during our parents' generation, it was 24 years old.
• That is ...their parents' generation, it was 24 years old.
• We cannot pull it from the General Fund right now. We have no money.
• It is another dimension, and the general laws never work.

Keywords: 987, senate, all

Summary: The committee heard several housing-related bills, beginning with SB 222 by Senator Wiener, the Heat Pump Access Act. The bill would streamline permitting for heat pump water heaters and HVAC systems, allow contractors to participate remotely in inspections, cap certain permit fees, and limit HOA barriers to installations. Supporters said the measure would lower costs, reduce pollution, and speed replacements; the League of California Cities opposed it unless amended, citing concerns about the fee cap, virtual inspections, and local control. After discussion about HOA rules, panel upgrades, and statewide-concern language, the committee passed SB 222 on a do-pass motion to the Senate Local Government Committee. The committee then took up SB 677, also by Senator Wiener, which was narrowed to two cleanup changes related to SB 79: definitions for commuter rail and high-frequency commuter rail, plus a mobile home exemption issue. The author said a broader follow-up bill would be introduced later, and several local governments and counties raised implementation concerns about SB 79, transit definitions, and timing. Some groups moved from opposition to support after the amendments, while others remained concerned. The committee approved SB 677 as amended on a 10-1 vote and sent it to Local Government. Next, SB 417 by Senator Cabaldon proposed placing a $10 billion affordable housing bond on the 2026 ballot to fund affordable rental housing, supportive housing, homeownership, and preservation. Supporters emphasized that existing housing funds were exhausted, that many shovel-ready projects were waiting for financing, and that the bond would leverage federal tax credits and create jobs. Opposition was limited, with Habitat for Humanity asking for a dedicated CalHome set-aside for homeownership. Members debated state debt levels, bond financing, and the need for more affordable housing investment; the bill passed 8-1 to Appropriations. The committee also began hearing SB 492, Senator Durazo’s youth housing and youth center bond, which would fund transitional housing and services for youth up to age 25. Supporters from Covenant House California and the California Coalition for Youth described youth homelessness as a pathway that often leads to adult homelessness, and the hearing continued with testimony in favor of the measure.

Transcript Highlights:

• But the cap only applies to general damages. Special damages do not fall under a cap.
• We're a second-generation, homegrown, family-run business.
• So there's a general... The factor shows an actual savings per household.
• In general, is that kind of a general rule that businesses make money every year?
• Special damages are separate from the general damage.

Summary: The committee first took up HB 51 by Rep. Villio, a constitutional amendment to prohibit post-conviction bail for people convicted of aggravated offenses against minors. Members adopted a technical amendment to simplify the ballot language, heard a 6.8A report explaining the committee’s authority over constitutional amendments, and then adopted the report and passed HB 51 with amendments. Support was noted from law enforcement and district attorney groups. The main item was HB 526 by Rep. Dickerson, which would cap general damages in civil cases at $500,000 in most cases and $1 million for severe permanent injury, while leaving economic damages uncapped. The bill drew extensive testimony from trucking, logging, business, and insurance-reform advocates who argued that unpredictable verdicts and “nuclear verdicts” drive up commercial insurance costs and push businesses out of Louisiana. Opponents, including attorneys and victims’ advocates, argued the bill would unfairly limit recovery for seriously injured people and could harm sexual assault survivors and families in wrongful death cases. After debate, the committee adopted an amendment clarifying the cap applies per individual plaintiff rather than to the action as a whole, but then rejected a motion to report the bill; the roll call was 4 yeas and 5 nays, so HB 526 remained in committee. The committee then heard HB 173 by Rep. Bamberg, which would bar recovery for bodily injury or property damage by a driver who had failed to maintain required auto insurance for at least 30 days before the crash. Supporters said uninsured motorists contribute to higher premiums and should not recover large awards, while opponents warned the bill would punish innocent spouses, children, and other people who may be unaware coverage lapsed. An amendment was adopted to add the 30-day uninsured requirement, and the bill moved to opposition testimony, but the transcript cuts off before any final vote on HB 173.

Transcript Highlights:

• And they generate additional units to accommodate for some of those scale issues.
• I just need to preface by saying that we neither support nor are against legislation in general.
• So if you're in fourth grade, you generate what a fourth grader would generate.
• If you're a student with an IEP, you still generate what students with a disability would generate.
• Their headquarters moved to a location in a district that does generate rural units.

Bills: HB2, SB204, SB241, HB34

Keywords: general appropriation, budget, Medicaid, education funding, public safety, higher education, research funding, federal funding, New Mexico, appropriation, University of New Mexico, New Mexico State University, New Mexico Institute of Mining and Technology, child care, child care assistance, child care subsidy, early childhood education, early childhood care, daycare, preschool

Transcript Highlights:

• Lori Tanigawa, Deputy Attorney General.
• </c> previously raised by attorney general previously raised by attorney general regarding<00:03:26.400
• typically</c><00:20:13.039><c> civil</c> general clerical that's typically civil general clerical that's
• </c> &gt;&gt; of the attorney general. All right. &gt;&gt; of the attorney general. All right.
• </c> Uh, first up is Deputy Attorney General Uh, first up is Deputy Attorney General Gary<00:48:57.920

Keywords: 912, senate, all

Summary: The joint hearing of the Senate Committees on Labor and Technology and Public Safety and Military Affairs considered three bills. SB 2141 would reclassify certain Department of Law Enforcement leadership and employees as Class A members for retirement purposes and adjust retirement benefit calculations. DLE supported the bill, saying it would address retirement classification without enhancing benefits, while the Employees’ Retirement System said it had no formal board position but wanted key provisions preserved. The Deputy Attorney General raised a potential title/subject issue and warned the bill could be vulnerable to challenge because the reclassification, contribution changes, and benefit calculations are in separate statutory sections. After questions about the number of affected employees and possible amendments, the committees deferred the bill. SB 2593 would exempt certain Law Enforcement Standards Board positions from civil service and collective bargaining. The board’s administrator said the positions would handle sensitive and confidential information and require specialized experience, and the board chair’s representative said the bill was important to meet certification deadlines. Opposition testimony from HGA argued exempt employees are at-will and suggested civil service protections should remain, with any staffing issues handled through reclassification or other personnel tools. Committee members questioned whether the positions could instead be civil service but excluded from bargaining, and staff explained the distinction between civil service exemption and collective bargaining exclusion. The committees ultimately recommended passing SB 2593 with amendments, including a deferred effective date of January 1, 2077, and the recommendation was adopted. SB 2824 would create a bribery-related reporting duty for public servants. Supporters, including Indivisible Hawaii, said it would establish a clear duty to report known or suspected bribery and strengthen public trust. The Office of the Public Defender opposed the bill, saying it would criminalize an affirmative duty to report another person’s misconduct. After limited discussion, both committees voted to pass SB 2824 with amendments, including a deferred effective date of July 1, 2050, and the recommendation was adopted. The meeting then adjourned.

Transcript Highlights:

• Then I got out, worked for a small company called General Electric, and in 2001 happened.
• You’ve seen the Nebraska Attorney General sue them.
• The Nebraska Attorney General found that fraudulent.
• Chair, members, House Bill 2352 appropriates $2,385,900 from the general fund to the Auditor General
• , and the Attorney General will maintain a registry of it.

Keywords: 1182, all

Transcript Highlights:

• So, we did have our general fund appropriation from the budget bill, and then the tricky, challenging
• So that took chunks out of our general fund budget.
• So, we did have our general possible.
• </c><00:22:51.039><c> Um,</c> general fund budget. Um, general fund budget.
• </c> being taken more out of the general being taken more out of the general funds.<00:50:58.720><c>

Keywords: 910, house, all

Transcript Highlights:

• “You were speaking specifically to appliances in general?”
• And so humans generally don't understand exponentials very well.
• General, real quick question. So, 100% in support of the bill.
• I'm General Counsel with Southwest Service Life.
• I'm General Counsel with Southwest Service Life.

Bills: HB 106, HB144, HB145, HB252, HB1732, HB2221, HB2467, HB2468, HB2517, HB2518, HB2963, HB3016, HB3689, HB3960, HB4386, HB4490, HB4751, HB5247, HJR175, HB2213

Keywords: HB 106, oil and gas, Railroad Commission of Texas, overhead electrical lines, electrical distribution system, power line maintenance, administrative penalty, Natural Resources Code, oil and gas lease, well operator, energy safety, utility infrastructure, regulatory compliance, cleanup fund, oil and gas regulation and cleanup fund, production safety, leasehold operations, electric utility, distribution poles, inspection

Summary: The committee first handled pending business, including reconsidering SB 715 and then voting out several measures. The committee substitute for SB 1978 was reported favorably, and HB 431, HB 1522, HB 1922, HB 3228, HB 3229, HB 3803, HB 3804, HB 3805, HB 3806, HB 4219, HB 4238, HB 434, HB 1584, and HB 4739 were all reported favorably, many with objections sent to the local and uncontested calendar. HB 1522 and HB 4238 were adopted as committee substitutes before passage. The committee then moved into public testimony on HB 2963, a right-to-repair bill for consumer electronics. Supporters argued it would reduce waste, lower costs, and help independent repair shops by requiring manufacturers to provide parts, tools, and information on fair terms, while opponents said the bill was too broad and the automotive MOU exemption was problematic. The bill was left pending after testimony. The committee also heard HB 2467, which would align State Fire Marshal Office investigators’ pay with other commissioned peace officers at TDI; testimony was strongly supportive, emphasizing the office’s arson-investigation role, and the bill was left pending. HB 252, a bill allowing certain state agencies flexibility to pay Schedule A employees twice monthly, was laid out and left pending after limited testimony. HB 2468, dealing with public improvement district notice in real estate transactions, would let buyers terminate within seven days if required PID notice was not provided before contract execution; it drew no public testimony and was left pending. HB 4386, an annuity exchange and surrender process bill, was presented as a consumer-protection measure with deadlines and penalties for insurer delays; it received support from industry witnesses and was left pending. The committee then heard HB 4751, creating the Texas Quantum Initiative within the Governor’s Office to coordinate quantum research, workforce, industry partnerships, and possible future grant funding. Witnesses from universities and industry supported the bill, while several senators questioned whether a new state structure was necessary; the bill was left pending. HJR 175 proposed a constitutional amendment protecting Texans’ right to use mutually agreed forms of exchange, including cash, bullion, digital currency, or private script, and was discussed at length in the context of central bank digital currency and barter; it was left pending after testimony. HB 2221, updating insurance anti-rebating laws to allow wellness and value-added services, drew supportive testimony from the insurance industry and discussion about incentives versus monitoring; it was also left pending. Finally, the committee heard a series of utility wildfire and infrastructure bills: HB 106, requiring oil and gas operators to maintain certain electrical infrastructure near well sites; HB 144, requiring electric utilities to submit pole inspection and management plans to the PUC; and HB 145, requiring wildfire mitigation plans and allowing self-insurance under certain conditions. Utility, insurance, and cooperative witnesses generally supported the wildfire-related bills while asking for clarifications and less burdensome reporting, and the bills were left pending.

Transcript Highlights:

• </c><00:05:07.919><c> fund</c> additional costs to the general fund additional costs to the general fund
• these costs back into the general fund.
• So they are all revenue neutral to the general fund. The change items start on line 92.
• </c><00:08:38.320><c> So</c> costs back into the general fund. So costs back into the general fund.
• I'll start on line 133: net general fund. The PUC has $3.8 million of general fund spending.

Bills: HF2438

Keywords: transportation finance, transportation policy, MnDOT, Minnesota Department of Transportation, Department of Public Safety, Metropolitan Council, highway funding, trunk highway fund, county state-aid highway fund, municipal state-aid street fund, state aid roads, local roads, bridge funding, road construction, transit funding, passenger rail, freight rail, aviation, airport development, safe routes to school

Transcript Highlights:

• </c><00:19:01.280><c> large</c> Revenue sources can generate large Revenue sources can generate large
• 41.559><c> in</c><00:23:41.720><c> general</c><00:23:42.120><c> education</c> special education in general
• It splits the general fund into three categories.
• They are expected to account for almost 34% of the general fund.
• </c><00:51:52.520><c> fund</c> providers the with the general fund providers the with the general fund

Keywords: 919, house, all

Summary: Minnesota Management and Budget presented the February 2025 budget and economic forecast, with Commissioner Aon Campbell, State Economist Anthony Becker, and Budget Director Anam Mingi outlining updated revenue, spending, and long-term balance projections. The state’s FY 2026-27 general fund outlook remains positive but weaker than in November, with an ending balance of $456 million, down $160 million from the prior forecast. Looking ahead, the planning years FY 2028-29 show a projected deficit of just under $6 billion, driven largely by spending growth outpacing revenues. Officials emphasized that discretionary inflation is a major factor in the forecast, but also noted that those amounts are not automatically appropriated and would require legislative action. Becker said the national outlook has changed since November, with higher expected inflation, higher interest rates for longer, and slower growth in later years. He highlighted uncertainty around tariffs, trade policy, immigration policy, federal spending, and possible changes to tax and debt-ceiling policy, all of which could affect Minnesota’s economy and revenues. Minnesota’s labor market remains tight, with low unemployment and rising wages, and the revenue forecast was revised upward overall for FY 2026-27, including higher income and sales tax receipts, though corporate tax revenue was slightly lower than previously projected. Mingi said projected general fund spending is up $79 million in FY 2026-27 and $960 million in FY 2028-29 compared with November. The largest increases are in education and health and human services, especially due to inflation, higher pupil counts, special education costs, long-term care, and higher Medical Assistance spending. She noted that higher utilization of weight-loss drugs also raises Medicaid costs, and that a smaller assumed bonding bill helps offset some debt service costs. The commissioner and staff repeatedly warned that federal policy changes, especially possible Medicaid reductions, pose a major risk; they said Minnesota could face billions in lost federal funding, including a potential $2.4 billion hit if the enhanced Medicaid match for adults without children were eliminated. No votes or legislative actions were taken in the presentation.