Transcript Highlights:

• The remaining maintenance factor balance at the end of the three-year window is now approximately $584
• and spending much more than the minimum requirement could throw it out of balance.
• So with those revised transfer amounts, the ending balance in the reserve is a...
• A $4.1 billion balance wouldn’t be enough to fully address a significant drop in the guarantee.
• A $12 billion balance probably would be enough to address the first year of a significant drop.

Keywords: 988, house, all

Transcript Highlights:

• We do have some balance remaining in the appropriation from this year, actually from last year.
• That balance won't get us all the way through FY27.
• And how much of a balance do you have? So does the, And the exec came in at one and a half.
• And how much of a balance do you have?
• So does the balance that you have, plus the one and a half from the exec, make up the 3.5?

Keywords: 996, all

Transcript Highlights:

• But we'd like to thank the Senator again for looking at this balanced approach.
• If we can get a few targeted refinements, it can strike the proper balance, vehicle to get this right
• So this is a balance between making sure that we are still leading the way on tech, but also laying a
• So that's the balance I'm certainly trying to strike between these two bills.
• So that's the balance I'm trying to strike, and I ...and get feedback from their communities.

Bills: S0408, S0986, S0678, S0800, S1050, S0484, S1118

Keywords: vaccine advertisement, manufacturer liability, harmful vaccine, healthcare, court action, smoking regulation, public health, vaping, marijuana, public places, Florida Statutes, alcohol distribution, tax deductions, extraordinary losses, warehouse breakage, regulatory compliance, veterinary, prescription, pharmacy, client rights

Summary: The Committee on Regulated Industries considered several bills and heard testimony from sponsors, industry groups, advocacy organizations, and other stakeholders. SB 986 would prohibit smoking or vaping marijuana in public places, including rooms and bars, and drew support from the Florida Restaurant and Lodging Association with concerns about preserving designated smoking areas on private property. The Florida Cannabis Action Network opposed the bill as overly broad and potentially harmful to patients and property rights. The bill was reported favorably. The committee also approved SB 678, which restores statutory authority for the Department of Business and Professional Regulation to continue allowing alcohol distributors to deduct unsellable alcohol from monthly excise tax calculations; an amendment made clarifying changes and applied the act retroactively to January 1, 2025. SB 800, dealing with unlicensed engineering practice penalties and creating an engineering student loan assistance program for state agency and water management district engineers, was amended and reported favorably. SB 408, which creates a cause of action related to vaccine manufacturers advertising in Florida, generated extensive debate. Supporters argued it would address declining public trust in vaccines and provide accountability, while opponents said it is preempted by federal law, raises First Amendment concerns, and duplicates existing compensation systems. Despite opposition, the bill was reported favorably. The committee then took up two data center bills by Senator Avila. SB 484 would regulate large-scale data centers by preserving local planning authority, requiring PSC tariff rules so large load customers pay their own costs, and limiting consumptive use permits unless water impacts are avoided and local zoning is satisfied. Testimony was mixed: some speakers supported consumer protections and economic development, while others urged carve-outs for self-powered facilities and warned against overregulation. The bill was reported favorably. SB 1118 would create a time-limited public records exemption for information about proposed data center locations and proprietary business information; members raised concerns about how much local officials could disclose, and the sponsor said he would work on clarifying language. That bill was also reported favorably. Finally, SB 1050, which requires veterinarians to provide written prescriptions so pet owners can choose their pharmacy while preserving veterinary discretion, passed without opposition and was reported favorably.

Transcript Highlights:

• So the documentation we've been provided stands at that balance.
• It's 100% balance is due within 12 months, that... Correct? Yes, ma'am.
• It's 100% balance is due within 12 months, that...
• It's 100% balance is due within 12 months.
• Bank reconciliations were not properly prepared for all accounts, and balances remaining in the bank

Summary: The committee first heard updates on delinquent private water and sewer reports. For reports due as of December 31, 2012, staff said five additional 2024 reports had been received since the December meeting, bringing the total of released escrow funds to 17 and leaving 26 still escrowed. For reports delinquent as of December 31, 2023, two more reports were received, bringing 59 of the original 64 into compliance and leaving five outstanding. Both update reports were filed without objection. The committee then discussed Act 709 of 2021 and the town of Daisy’s repayment of street turnback funds. Staff said Daisy had made improper payments to a nonprofit, used restricted street funds for fire truck and fire department building costs, and had not adopted the required repayment ordinance or obtained approval for a reduced repayment percentage. Mayor Lisa Cogburn said the city council had not approved repayment because members disputed the amount, though she said the city had funds to pay. After questions from members and staff explaining the audit calculations, the committee adopted a motion requiring Daisy to repay 10% of unrestricted general fund revenues under the statute and to withhold turnback funds if the city fails to comply. The report was then filed. The committee reviewed numerous deferred and current audit findings from cities, counties, and water systems. Several local officials appeared and described corrective steps, including Harrison district court, Carroll County airport, Izard County treasurer, Alexander district court, Town of 56 officials, Bull Shoals, Lone Oak County, Beaver, Central City, Gravette, Ralston Water Department, Thornton Waterworks, Ozan, and Lee County. Findings included missing or inaccurate reconciliations, unsupported credit card charges, payroll and compensation issues, improper use of public funds, missing receipts, and budget overruns. Some matters were referred to the prosecuting attorney and Attorney General, including Bull Shoals and Lone Oak County, while others were filed or deferred as appropriate. The committee also deferred two private water and sewer reports for lack of proper responses, filed 19 reports with resolved findings, and filed 53 reports with no findings. Before adjourning, the committee set its next meeting for February 12, 2026.

Transcript Highlights:

• Is there any agreement between Republicans and Democrats on how to balance the budget going into this
• It's pretty clear that it's going to be, for the most part, if not all cuts, in order to balance the
• Is there any agreement between Republicans and Democrats on how to balance the budget going into this
• It's pretty clear that it's going to be, for the most part, if not all cuts, in order to balance the
• The smaller our ending fund balances, the more we risk losing that.

Summary: House and Senate Republican leaders held a media availability on the second day of the 60-day legislative session, reacting to Governor Ferguson’s State of the State address and outlining their priorities. They said the top issue is affordability, and argued the governor and Democratic majority are responding with more taxes, regulation, and government spending rather than restraint. They criticized the prospect of a state income tax, calling it unconstitutional, politically unpopular, and likely to expand beyond high earners over time. They also said the state should avoid raiding the rainy day fund and instead look for savings through tighter budget management, reduced middle management, and a focus on core services. The leaders also discussed public safety, immigration enforcement, child care oversight, transportation, housing, and the Climate Commitment Act. On immigration, they said law enforcement coordination is essential and criticized mixed messages from state leaders about federal enforcement and sheriffs. On child care, they said allegations of fraud in subsidy programs should be investigated through audits and oversight, and rejected the idea that looking for fraud is offensive to honest providers. They said there is some bipartisan agreement on using Climate Commitment Act revenue for the Working Families Tax Credit, transportation, and wildfire prevention, but argued the tax itself is regressive and should be redirected to better uses. On the budget, Republicans said the current deficit will not be solved by a future income tax and that the state will likely need spending cuts or savings. They said there is some limited agreement with moderate Democrats against further tax increases and against using the rainy day fund as a first step. On housing and transportation, they said the real solutions are permitting reform, changes to the Growth Management Act and energy code, and more stable transportation funding, rather than more state spending on affordable housing or piecemeal fees. No votes were taken, and the event ended as a press availability with questions from reporters.

Transcript Highlights:

• And Senator, you're part of the team who's gets the first crack at balancing the state's budget.
• That could be another opportunity to help with the balanced budget.
• We put in a balanced budget and there's a shock to the system.
• </c> opportunity to help with the balanced opportunity to help with the balanced budget.<00:06:10.400
• Um, we we put in a balanced problem.

Keywords: 1187, senate, all

Transcript Highlights:

• </c><04:27:54.319><c> billing</c> but it does take away balance billing but it does take away balance
• </c> get away without doing it all on balance get away without doing it all on balance billing<04:31:
• </c> of balance of balance billing<04:48:37.440><c> and</c><04:48:37.718><c> that</c><04:48:38.160><c
• </c> suspicion okay um but with balance suspicion okay um but with balance billing<04:49:16.400><c> or
• </c> time I do not want to be balanced time I do not want to be balanced billing<04:54:22.718><c> balance

Keywords: 1189, house, all

Summary: The subcommittee first took up several bills and repeatedly chose to retain or table them rather than advance them. House 167, dealing with past wax, was voted ought to pass; House 312 was retained because members said NCAA-related advertising and uniform policy issues were still unresolved; House 434, requiring insurers to provide rental cars for at least seven days, was voted inexpedient to legislate; and House 454, on biodegradable packaging claims, was also voted inexpedient to legislate after members said the proposal lacked a workable enforcement mechanism and would likely be only a symbolic state-by-state measure. House 721, making gold legal tender, was retained, with members saying the bill needed more work and that the issue was less compelling in New Hampshire because the state has no sales tax. The committee then discussed House 310, which was amended to create a study commission on blockchain and related regulatory issues. The amendment expanded the commission’s charge to include legal, regulatory, financial, technological, and environmental considerations, added review of federal developments, included blockchain-based trust and stable token issues, broadened membership, and extended the repeal and report dates by a year. Members said the commission would help New Hampshire develop expertise and a report for future legislation, while also noting that federal action could affect the state’s role. The amendment was adopted 8-1, and the bill itself was then retained. Finally, the subcommittee heard a revised amendment to House 406 on business filings and registered agents. The Secretary of State’s office explained that the amendment, drafted with input from the Business and Industry Association, narrows the bill to address fraudulent or unauthorized entity filings after a written complaint and sworn statement, sets minimum requirements for registered agents, bars use of commercial mail-drop addresses as registered offices, and allows removal or cancellation of fraudulent filings with penalties for false filings. Members asked about which entities must maintain registered offices and how the rules would affect home-based businesses; the sponsor said most New Hampshire business entities must have a registered office, with some exceptions such as domestic nonprofits and trade names. The discussion emphasized concerns about synthetic entities, identity misuse, and the need for a physical in-state registered agent address.

Transcript Highlights:

• And they have to balance, much like the state.
• We do create and have approved a balanced budget every year.
• </c> create and have approved a balanced create and have approved a balanced budget<00:41:28.280><c>
• </c><01:20:54.199><c> in</c> we accessed some one-time balances in we accessed some one-time balances
• each unit and thus balances the institution.

Keywords: 1183, house

Transcript Highlights:

• from the record-shattering ending balance projected in the BRE.
• The projected ending balance in this BRE has a very different makeup.
• This page simply shows the ESF balances in fiscal years 2022 through 2024 and estimated balances in fiscal
• Investment income just can continue to grow on top of the balance.
• last—yes, the cash carryover balance.

Bills: SB 1

Keywords: campground safety, youth camp regulations, flood safety, emergency evacuation, health and safety standards

Summary: The Senate Finance Committee held its first hearing of the 89th regular session, adopted nearly identical committee rules from the previous legislature by a 15-0 vote, and began review of Senate Bill 1, the state budget for fiscal years 2026-27. Chair Huffman outlined the budget framework, emphasizing conservative spending, a $332.9 billion all-funds budget, and major priorities including property tax relief, public education, border security, health and human services, transportation, energy, and water infrastructure. She also introduced committee and leadership staff and described the hearing schedule and public testimony procedures. Comptroller Glenn Hager presented the biennial revenue estimate, saying the state has $194.6 billion available for general-purpose spending, including a $23.8 billion ending balance, but warned that revenue growth is returning to more normal levels and that lawmakers should avoid using temporary spikes for ongoing commitments. Senators questioned him extensively about the Economic Stabilization Fund cap, sales tax trends, inflation, and whether the state should consider raising the cap or using severance-tax revenues differently. Hager said the Rainy Day Fund is expected to hit its cap, which would leave more severance-tax revenue in general revenue, and he stressed that infrastructure needs remain significant. The Legislative Budget Board then gave a detailed overview of SB 1 and the budget’s major components. LBB staff explained that the bill includes continued funding for the Foundation School Program, $850 million for the Texas State Technical College endowment, $1.3 billion for the Texas University Fund, $6.5 billion for border security, salary increases for correctional officers and state troopers, $3 billion for dementia research, higher community attendant wages, expanded community-based care, $5 billion for the Texas Energy Fund, and funding to clear volunteer fire department grant backlogs. They also outlined supplemental priorities such as water infrastructure, retirement legacy payments, rail grade separations, wildfire aircraft, and emergency facilities, and said the current controlling budget limit is the tax spending limit. A major portion of the hearing focused on property tax relief. LBB explained that prior-session relief grew from an expected $18 billion to $22.7 billion because of higher-than-anticipated property values and interactions among hold-harmless provisions, and that SB 1 continues and expands relief with $51 billion in total property tax relief, including $3 billion more for compression, $3 billion to raise the homestead exemption from $100,000 to $140,000, and a $500 million placeholder for business tax relief. Senators discussed the automatic nature of some of these costs, the effect of the non-homestead circuit breaker, the role of federal COVID funds, and the need to maintain school finance commitments if the state continues to compress school tax rates.

Transcript Highlights:

• The current balance is three percent.
• Item B shows decreases related to unexpended balances.
• This primarily consists of what we just discussed, the removal of unexpended balances.
• We have other debt, obviously, but do you have the actual balance out there?
• **Items B through D** remove one-time funding and unexpended balance amounts.

Bills: SB1, SB 1

Keywords: appropriations, budget, state funding, education, healthcare, infrastructure, campground safety, youth camp regulations, flood safety, emergency evacuation, health and safety standards, 1185, senate, all

Transcript Highlights:

• It looks like the balance of the account right now is at $79,639.20.
• So can you reiterate then what the ending cash balance is?
• The balance on the account is $79,639.20.
• Because I see the end fund balance at $79,639.20. 20 cents.
• Because I see the end fund balance at $79,639.20.

Keywords: 904, all

Transcript Highlights:

• NORMAL SPENDING PRACTICES WE WOULD HAVE HAD A SURPLUS OF $2.092 BILLION AND NEXT YEAR HAD A NEGATIVE BALANCE
• AS THE CURRENT BALANCE WE HAVE IN THE FUND NOW HAS THAT EVER BEEN PROVEN INSUFFICIENT? >> Rep.
• Driskell: IN RESPONSE TO REPRESENTATIVE WOODSON'S QUESTION OF WHETHER OR NOT THE BALANCE IN THE BSF HAS
• MEMBERS, THE CONSTITUTION TELLS US WE HAVE TO PASS A BALANCED BUDGET.
• AND ALSO HAVING THE EFFECT OF BALANCING THE FORECAST SO THAT YOU DON'T HAVE TO MAKE CUTS TO SERVICES.

Transcript Highlights:

• WHAT THAT IS RETURN THAT THE FINANCIAL SERVICES MANAGES TO ACHIEVE ON INVESTMENT BALANCE IN THE STATE
• COLLECTION HAS INCREASED AND BALANCES HAVE INCREASED AND THE DEPARTMENT OF FINANCIAL SERVICES HAS BEEN
• AS A RESULT OF THESE HIGH BALANCES AND HIGH INTEREST RATES WE HAVE SEEN MORE OF THIS SOURCE.
• MY UNDERSTANDING IS THEY ARE ABLE TO USE THOSE BALANCES AND PUT THEM IN SUCH A WAY THAT THE DAILY CASH
• RATES WENT HIGH IN THE BALANCES WENT HIGH, ABLE TO SEE EARNINGS ON INVESTMENTS.

Keywords: 999, senate, all

Transcript Highlights:

• </c> opposition and I yield back the balance opposition and I yield back the balance of<00:51:17.520>
• </c> and I yield back the balance of my time. and I yield back the balance of my time.
• <01:40:54.639><c> of</c><01:40:54.800><c> my</c> balance of my balance of my &gt;&gt; for<01:40:55.520
• With that, I yield the balance of grief. With that, I yield the balance of my<01:47:09.760><c> time.
• I yield back the balance of my again. I yield back the balance of my time.

Keywords: U.S. House of Representatives Floor Proceedings on Thursday, April 23, 2026, 1012, house, all

Transcript Highlights:

• And when it comes to balance, and this is just my opinion, sometimes that balance has been out of balance
• </c> out of balance. out of balance.
• I am very balanced.
• I am very balanced.
• I am very balanced.

Keywords: 912, senate, all

Summary: The committee took up several gubernatorial nominations, beginning with GM 640 for Juanita Rio Colón to the Commission on Water Resource Management. Public testimony and the nominee’s remarks strongly emphasized her water-system management background, Native Hawaiian stewardship values, and representation for Molokai. Committee members praised her qualifications and neighbor-island perspective, and also discussed broader concerns about reforming the Water Commission, including a separate bill to create a more independent authority and reduce politics in water decisions. Colón said she supported the restructuring effort and would serve with integrity and attention to constitutional water rights and climate resilience. The committee then heard GM 639 for Moses Haia III to the same commission. DLNR and OHA testified, and Haia described his long legal career, prior work on the Waihole contested case, and experience with Native Hawaiian rights and water law. Members asked about his ability to serve impartially given his advocacy background; Haia acknowledged that some may perceive a conflict from his prior work but said he did not believe it was a reasonable conflict and would follow the law and balance competing interests. The discussion again returned to the proposed Water Commission restructuring, which Haia said he supported as a way to provide independence and balance. Next, the committee considered GM 649 for Gilbert Coloma to the Pacific States Marine Fisheries Commission. DLNR and other testifiers explained that this was a new interstate commission created under the 2024 act, with Hawaii joining six U.S. states to address fisheries issues across state boundaries. Coloma, a commercial fisher from Hilo, said he brought more than 40 years of industry, cultural, and traditional experience and would represent Hawaii’s fishing communities. Members asked about the commission’s structure, meeting rotation, and funding, and were told the state covers dues through special funds. The committee also briefly took up GM 692 for Riley Smith’s reappointment to the Board of Land and Natural Resources. The Hawaii Cattlemen’s Council supported him, while Sierra Club Hui raised concerns about prior decisions affecting Native Hawaiian rights and public trust resources. Smith said he supported more residential uses in East Kapolei if the necessary planning and environmental review changes were made, and he began responding to questions about prior BLNR litigation before the transcript cut off.

Transcript Highlights:

• The bill strikes a good balance. It doesn't stop progress.
• And so there's always a balancing act in that regard.
• There was a balancing, a balancing of rights of people that want to develop their property in a manner
• So what this bill author is trying to do, I think is trying to balance that.
• And the job of this legislature is to find a healthy balance.

Bills: HB 551, HB 1281, HB 1378, HB 1617, HB 2868, HB 2881, HB 3374, HB 4439, HB 4726, HB 4732, HB 4878, HB 4914, HB 4921, HB 4958, HB 5200, HB 5318, HB 5360, HB 5402, HB 5568, HB 5573, HB 5623, HJR 218

Keywords: political contributions, address privacy, Texas Ethics Commission, election transparency, campaign finance, international organizations, World Health Organization, jurisdiction, state law, enforcement, United Nations, World Economic Forum, attorney general, Texas attorney general, state sovereignty, legal enforcement, Texas Attorney General, electric energy storage, municipal regulation, county regulation

Transcript Highlights:

• The legal division, it's balancing accounts, two things.
• Tell me real quickly, what, what, tell me more about balancing accounts.
• The legal division, it's balancing accounts, two things.
• Tell me real quickly, what, what, tell me more about balancing accounts.
• because keeping those balances healthy is necessary to ensure that ongoing strategy. ...balance is healthy

Summary: The committee first heard Issue 1 on trailer bill language to redirect funding for emergency demand-response programs. The Department of Finance proposed using about $26.9 million in General Fund originally set aside for the Distributed Energy Backup Assets program to bolster the Demand-Side Grid Support Program for summer 2026, and using about $70 million in CalCHAP interest to support ratepayer-funded demand response in summers 2027 and 2028. The CEC and CPUC said they are working on a transition from DSGS to ELRP or a successor program, while the LAO noted the General Fund money would otherwise revert to savings. Members pressed the administration on whether demand response remains important, whether DSGS has been successful, and whether the state should keep funding it through the CEC rather than shifting to a ratepayer-funded CPUC program. The CEC and CPUC said the programs are not directly comparable, emphasized different cost structures and enrollment metrics, and said a CPUC rulemaking is underway with a proposed decision expected in Q3 2026. No vote was taken in the transcript. The committee then took up Issue 2, a budget proposal tied to SB 254 and the new transmission accelerator. GoBiz and the California Infrastructure and Economic Development Bank described a five-year, roughly $26 million request to staff and administer the accelerator and manage Proposition 4 and AB 1207 funds for transmission financing. Members asked about state liability, ownership of financed lines, FERC revenue requirements, and whether the program would help underserved regions and offshore wind development. Staff explained that the accelerator would only consider projects already identified through CAISO’s competitive transmission planning process, and that state financing would be a small portion of large projects intended to lower overall costs to ratepayers. The LAO said it had no specific concerns but urged the Legislature to ensure the final language matches its intent. The committee also heard Issue 3 on petroleum market oversight. The CEC and its Division of Petroleum Market Oversight requested additional positions and funding to implement ABX2-1 and continue work on supply stabilization, refinery monitoring, and transportation fuels analysis. Members questioned why the work was funded through the Energy Resources Programs Account, whether existing staff from the paused price-gouging work could be reassigned, and whether the program had produced evidence of price gouging or improved supply conditions. CEC and Finance said the new positions are needed because the workload has expanded, while some existing staff remain on related analysis and reporting duties. The discussion ended without a vote in the transcript.

Transcript Highlights:

• AB 93 is all about ensuring data centers operate responsibly, balancing innovation with sustainability
• We're trying to really seek a balance here.
• This is balance.
• This is a balance between protecting natural Assembly Member Patterson said, “This is balance.
• thank you all right thank you all right thank you get it right and strike that balance.

Summary: The Assembly Local Government Committee heard a long agenda of housing, water, and local finance bills, with the chair repeatedly reminding attendees about hearing rules and noting that several measures were being heard without a quorum at first. Early items included AB 407, which would broaden eligibility for state-run loan and financing programs to help small businesses fund environmental, seismic, and ADA upgrades, and AB 93, which would require data centers to estimate and report water use and follow state best practices. AB 93 drew support from water advocates and local government groups, while the Data Center Coalition opposed it, arguing the bill could be overly restrictive, difficult to retrofit, and raise trade secret or security concerns. The committee also heard AB 650 on housing element review, AB 1044 on creating a new Tulare County groundwater sustainability agency, and AB 523 on allowing proxy voting for single-representative member agencies on the Metropolitan Water District board; all drew broad support from local agencies and related stakeholders and no recorded opposition in the room. Several housing bills were presented as part of a broader fast-track housing package. AB 507 would streamline adaptive reuse of office buildings into housing, especially in downtowns with high vacancy; supporters said it would revive urban cores and help meet housing and climate goals, while the League of California Cities and a few cities opposed it unless amended, citing concerns about one-size-fits-all by-right approval and fee limitations. AB 1294 would create a universal housing application and limit early application requirements; it drew strong support from housing and business groups, with the American Planning Association and League of California Cities seeking more flexibility and input. AB 610 would require local governments to disclose housing constraints in their housing elements and limit new constraints after certification for three years unless disclosed; supporters said it would improve transparency and certainty, while opponents warned it could chill legitimate local policy choices and inclusionary housing requirements. Both AB 610 and AB 698, which would require analysis of the housing and property tax impacts of proposed transfer taxes, were moved out of committee on 7-0 votes after discussion and amendments. The committee also heard AB 1112, which would repeal an outdated Riverside County property tax provision affecting Rancho Mirage; the city argued it was the only qualifying no-low property tax city not receiving the standard minimum and sought equal treatment. After quorum was established, the bill was passed 6-0 with amendments and sent to Appropriations. AB 1021, heard later, would make it easier for school districts and other local education agencies to build employee housing, with the author citing teacher recruitment and retention problems and support from education stakeholders. Throughout the hearing, members and witnesses repeatedly emphasized the need to balance housing production, local fiscal tools, and infrastructure needs, and several authors accepted committee amendments and committed to continued negotiations with opponents.

Transcript Highlights:

• The top-left picture is simply the UAL balance being paid down in the near term.
• The top left picture is simply the UA balance being paid down in the near term.
• So of the 39,000, approximately 60%, or 23,000, have balances under $1,000.
• Approximately 60%, or 23,000, have balances under $1,000.
• So these are folks with small balances and not a lot of service.

Summary: The Joint Committee on Public Employee Retirement held an informational hearing on the Missouri State Employees’ Retirement System (MOSERS) to review its long-term financial condition, funding status, investment performance, experience study results, and possible legislation. MOSERS staff explained that the plan is a statutorily created defined benefit system covering state employees, several colleges and quasi-governmental entities, with an 11-member board and outside actuarial and investment consultants. They reported the June 30, 2025 valuation showed a funded ratio of 55.4%, assets of about $9.6 billion, liabilities of about $17.4 billion, and a FY27 actuarial employer rate of 27.44%, which the board raised to a 32% minimum contribution rate under a policy adopted in 2023. MOSERS attributed the funding decline over time to several factors: reductions in the assumed investment return from 8.5% to 6.95%, mortality assumption updates, a move from open to closed amortization, and especially weak payroll growth and a shrinking active workforce. Staff said the minimum contribution policy is intended to accelerate UAL paydown and could bring the plan to 80% funded by 2037 rather than 2041, assuming all assumptions are met. The committee also discussed the recent experience study, which kept the investment return assumption at 6.95% and made only modest assumption changes, and a proposed 2026 bill package (SB 1557 and SB 1054) that would automatically refund small balances under $1,000 to terminated non-vested members and add auto-escalation to the deferred compensation plan. A substantial portion of the hearing focused on investment strategy and why MOSERS has lagged some peers. The investment consultant said historical underperformance was driven mainly by asset allocation choices that emphasized a more risk-balanced, diversified portfolio with less public equity exposure than peers during a period when equities performed very strongly. He said the board adopted a more equity-oriented allocation in 2024 and is phasing it in over eight quarters, with recent short-term results improving and the portfolio outperforming its policy benchmark. Members also asked about the effect of inactive members, the rationale for the higher employer contribution, and whether the current board should be held responsible for past decisions; MOSERS officials emphasized that the current board is trying to correct course and that pension funding changes take time. The hearing also touched on ongoing litigation against a former private equity manager, Catalyst Capital, with MOSERS saying it has spent about $20 million in legal fees so far and that the case remains on appeal. The committee took no formal vote and adjourned after the informational presentation and questions.

Transcript Highlights:

• This is related to Washington State's four-year balanced budget requirement and state operating budget
• This is related to Washington State's four-year balanced budget requirement and state operating budget
• The funds that are covered by the four-year balanced budget requirement include the general fund, the
• So I start reading the bill, and it's talking about balanced budgets and things like that.
• So I start reading the bill and it's talking about balanced budgets and things like that.

Bills: HB2747

Keywords: budget sustainability, state finance, fiscal policy, economic growth, government spending, 904, all