Transcript Highlights:

• bonds and housing infrastructure bonds<00:05:13.960> debt<00:05:14.200> service<00:05:
• There's no reason we should be paying 50% more on bonds than the actual principal of the bonds to begin
• There's no reason we should be paying 50% more on bonds than the actual principal of the bonds to begin
• There's no reason we should be paying 50% more on bonds than the actual principal of the bonds to begin
• There's no reason we should be paying 50% more on bonds than the actual principal of the bonds to begin

Keywords: 918, senate, all

Summary: The Senate Finance Committee took up Senate File 203, a broad housing bill authored by Senator Port. Port described the measure as a package including $50 million in housing infrastructure bonds, MHFA administrative and investment reforms, expanded Greater Minnesota infrastructure grants for workforce housing, manufactured housing bill of rights provisions, and a private equity restriction on large investors buying certain single-family homes starting in 2026. Fiscal analyst Eric Olafson walked through the spreadsheet and said the $50 million bond authorization would add debt service costs over time, with the total estimated debt service for that authorization at about $75.8 million. Senator Draheim raised concern about the growing cost of bonding and said the state should rely more on cash than debt. The committee then adopted two technical amendments. The A21 amendment, described by Port as correcting manufactured housing bill of rights language, aligning MHFA board meeting language, conforming a lived-experience exemption to federal law, and fixing a capacity-building grants reference, was approved without objection. The A20 amendment, offered by Draheim, was also adopted and would give the legislature more control and visibility over MHFA funding and how quickly program dollars are reinvested after agency operations. Members then debated Draheim’s A22 amendment, which would delete the manufactured home park provisions from the bill. Draheim and several Republicans argued the section could function like rent control, could burden good park owners, and might have unintended consequences for park operations and purchases. Port, Senator Boldon’s allies, and other supporters said the provisions were needed to protect residents from rent spikes and private equity abuses in manufactured home communities, where residents own their homes but not the land. The transcript ends during that debate, before any final disposition on A22 or the bill itself is shown.

Transcript Highlights:

• It'll be split based off of the current allocations within those departments.
• I'm the executive director of the Tax Credit Allocation Committee.
• that we allocate from SIDLAC.
• tax-exempt bond program, thereby unlocking additional federal 4% tax credits.
• We do not have a bond that actually is moving forward right now.

Keywords: 988, house, all

Transcript Highlights:

• But those were tacked on to the last housing bond before that bond we passed in 2018 that was funding
• They were bond dollars.
• that we allocate from SIDLAC.
• Prior to 2020, our bond financing program was largely undersubscribed.
• , we've been oversubscribed on the bond side as well since 2020.

Summary: The Assembly Subcommittee on State Administration held a budget hearing focused heavily on housing, homelessness, and related administrative proposals. HCD reported that California housing production has increased, with 2023 completions up 13% from 2022 and entitlement and construction timelines improving, while members and advocates criticized the Governor’s January budget for zeroing out or sharply reducing several housing programs. Public testimony urged funding for affordable housing production, preservation, youth housing, CalHome, LIHTC, HAP, and related programs, and several speakers argued the state should not pull back after recent progress. A major policy item was trailer bill language to allow HCD to access “excess equity” in existing affordable housing projects and recycle those funds into new or preserved housing. HCD and the LAO said the proposal could unlock tens or hundreds of millions of dollars, but members wanted guardrails and clearer statutory direction to ensure the funds stay within the intended housing purposes. The committee also discussed encampment resolution funding; HCD said the proposal would shift expenditure deadlines to the date of award rather than appropriation, while the LAO raised concerns about limited outcome data and urged the Legislature to use upcoming reporting before deciding on future funding. The hearing also covered HCD trailer bills to consolidate default reserve funds into a centralized continuously appropriated account and to clarify reporting requirements for early rounds of the Homeless Housing, Assistance and Prevention program. HCD requested funding to implement chaptered legislation, including a new tribal housing program and reporting-related bills, and also sought extensions for certain reappropriations, including Homekey and REAP 2 deadlines. Public commenters and regional agencies supported flexibility for REAP 2 timing and other housing-related adjustments. Finally, the Business, Consumer Services and Housing Agency presented the Governor’s reorganization proposal to split the current agency into a Housing and Homelessness Agency and a Consumer Protection Agency. The administration said the change would improve focus, efficiency, and coordination, but the LAO and several members questioned whether it would truly save money or improve accountability, especially given the need for new leadership, possible staffing changes, and the fact that the plan had not yet been formally submitted for review. No votes were taken during the hearing.

Transcript Highlights:

• We're going to be putting it on our credit card, our general obligation bonds, which is taxing our future
• We're going to be putting it on our credit card, our general obligation bonds, which is taxing our future
• We're going to be putting it on our credit card, our general obligation bonds, which is taxing our future
• We're going to be putting it on our credit card, our general obligation bonds, which is taxing our future
• currently allocates 800,000 EOEL currently allocates 800,000 annually<05:37:59.280> for<05:37:

Bills: HB2459, HB1616, HB1799, HB1604, HB1732, HB1736, HB1931, HB772, HB2153, HB2122, HB2009, HB2012, HB1779, HB2296, HB2397, HB2398, HB1596, HB2233, HB1976, HB1563, HB815, HB1655, HB1851, HB1941, HB2037, HB1635, HB2201, HB1943, HB1163, HB2452, HB2429, HB2148, HB2306, HB2007, HB2049, HB2616

Keywords: food innovation, agribusiness, food safety, market access, branding, economic diversification, performance indicators, agriculture, aquaculture, commercial activity, swine production, Korean natural farming, housing development, commercial projects, county authority, public works, construction standards, exemption, zoning, housing

Transcript Highlights:

• housing infrastructure bonds authority.
• Um, one infrastructure bonds authority.
• You know, when it relates to bonding, sometimes people say there's seven billion dollars worth of bonding
• You know, when it relates to bonding, sometimes people say there's seven billion dollars worth of bonding
• I know them or allocates it to them.

Keywords: 919, house, all

Summary: The House took up House File 1141, the Minnesota Housing Finance Agency supplemental budget bill. Representative Howard described it as a bipartisan housing package aimed at addressing Minnesota’s housing shortage by funding housing infrastructure bonds, Greater Minnesota workforce housing, homeowner education, a senior housing pilot, and family homelessness assistance and prevention. He said the bill is budget-neutral, using unspent interest earnings and other redirected funds, and includes transparency and accountability reforms for MHFA. Several members spoke in support, emphasizing housing supply, affordability, and the need for more homes across the state. The main floor debate centered on the Norris A6 amendment and the Igo A1 amendment to it. Norris proposed changing rent-increase limits in low-income housing tax credit properties from area median income to the lower of area median income or the consumer price index, arguing that seniors on fixed incomes were being priced out as rents rose faster than Social Security COLAs. Igo’s A1 amendment instead would have preempted cities, counties, and townships from adopting or renewing rent control ordinances statewide, with supporters arguing rent control harms development and affordability. Opponents said the proposal had not been fully vetted in committee and that public subsidies justify rent limits. Both the A1 amendment to the amendment and the underlying A6 amendment failed on tied 67-67 votes. After the amendments were defeated, the bill received its third reading and further discussion. Howard and other supporters reiterated that the bill would help produce an estimated 2,000 to 2,200 housing units, with HIB-funded projects historically spread across the metro and Greater Minnesota. Members also highlighted the bill’s support for first-time homebuyers, manufactured housing, senior housing, and homelessness prevention. No final passage vote is shown in the transcript excerpt.

Transcript Highlights:

• We did a competitive process to allocate bonds, which also then allows a project to get what are called
• <01:24:38.239> bonds, a competitive process to allocate bonds, a competitive process to allocate
• That is a private activity bond.
• low-income housing tax credits as a matter of right, and as long as KHC allocates bond cap to this activity
• <01:30:11.040> private allocates bond uh tax exam private allocates bond uh tax exam private activity

Keywords: 0:00:07 Call to Order and Roll Call 0:00:47 Approval of Minutes 0:01:05 Correspondence and Information Items 0:54:15 Lease Rpt from Postsecondary Institutions 0:56:19 Project Rpt from Finance and Administration Cabinet 1:08:46 Lease Rpt from Finance and Administration Cabinet 1:13:00 Rpt from Office of Financial Mgmt - KIA 1:20:00 Office of Financial Management 1:35:50 Adjournment, 958, all

Summary: The meeting began with routine business, including welcoming new committee member Senator Reginald Thomas, approving the minutes, and receiving a correspondence report on several information items. Those items included University of Kentucky research equipment funding, UK capital project funding using federal/private funds, debt issues from McGoffin County and Owen County school districts, lease modifications by the Division of Real Properties, asset preservation project revisions at Eastern Kentucky University and Northern Kentucky University, and Kentucky Communications Network Authority (KCNA) information on Kentucky Wired critical infrastructure. The main discussion focused on a dispute over the Kentucky Wired communication shelters, or “huts,” and related payments under KCNA’s agreement with Asellicom/Excel. Brad Kilby of Asellicom testified that KCNA had not paid for the huts, that Asellicom had not received the alleged $8 million or any later payment, and that Asellicom remained the legal owner. Committee members pressed him on whether payment had been received, whether anyone else might have received it, and whether the lawsuit or dispute resolution process clarified the issue. Kilby said no payment had been received and that the matter was part of ongoing litigation. KCNA Executive Director Doug Hendricks and General Counsel Adam Atkins then testified. They said a certified check for $8.5 million was mailed in July, based on the Finance and Administration Cabinet secretary’s determination that $8.5 million was due under the model procurement code, even though KCNA had initially requested about $12 million to cover a worst-case estimate. They said the contract allowed payment in full or in tranches, that the huts were completed and operational, and that KCNA had not received documentation supporting Asellicom’s higher $10.1 million claim. Members expressed frustration over the missing check and the broader implications for Kentucky Wired, and one member requested that the committee obtain all agency requests related to KCNA/Kentucky Wired since inception; the co-chairs said they would look into making that information available. No formal vote was taken on the dispute during the portion provided.

Transcript Highlights:

• <00:08:07.280> so transit's general fund allocation so transit's general fund allocation so
• the bonding the bonding request<00:14:08.120> um<00:14:09.120> and<00:14:09.320>
• we'll get started with our um bonding we'll get started with our um bonding proposal<00:33:20.720
• 900,000 was in general obligation bonds 900,000 was in general obligation bonds and<01:31:58.880
• <01:32:10.760> Bill was cancelled um from the bonding Bill was cancelled um from the bonding

Keywords: 1187, senate, all

Transcript Highlights:

• The second is the bond portion of the proposition. Proposition 1 authorized a $6.4 billion bond.
• The bond authorized $6.4 billion, with $4.4 billion allocated for behavioral health treatment facilities
• Prior to the bond, this program was originally allocated $2.2 billion.
• We laid out a number of assessments to help inform the legislature as we move forward with the bond allocations
• So I'm going to quickly move into the bond.

Keywords: 988, house, all

Transcript Highlights:

• up to the sheriff unless you're in a bail bond board county.
• up to the sheriff unless you're in a bail bond board county.
• If they're not identified, if the bond is set— on any bond, we're not talking about aliens or anything
• It could be an instance where bond is denied for a particular charge, but bonds are sometimes...
• It gets into the constitutionality of bonds, but...

Bills: HB1320, HB2012, HB2293, HB2655, HB3174, HB4108, HB4661, HB4799, HB5534, HB5580

Keywords: transportation, infrastructure, funding, state budget, public safety, child welfare, county boards, membership, local governance, public welfare, government service, social services, Texas Family Code, regulation, vendors, solicitors, roadside sales, county authority, Sweeny Hospital District, board of directors

Transcript Highlights:

• The first is that this allocates over $3.2 billion in Proposition 4 bond funding for important environmental
• it's being drawn down from within the bond.
• It allocates $40 million for fairground upgrades.
• Also, grateful for the Proposition 4 allocations.
• Also, grateful for the Proposition 4 allocations.

Summary: The Assembly Budget Committee held an informational hearing on the September budget package, which included SB 105 and a series of trailer bills covering health, human services, education, resources, child care, transportation, labor, public safety, housing, revenue, background checks, collective bargaining, and a special election. The Department of Finance described the package as largely technical and clarifying, but also responsive to state and federal changes, especially H.R. 1. Key items included roughly $3.3 billion in Proposition 4 climate and environmental spending, $540 million in discretionary greenhouse gas reduction funds, and major responses to H.R. 1 such as CalFresh error-rate mitigation, food bank support, and Medicaid-related changes. Other notable provisions included vaccine policy flexibility, an Abortion Access Fund, a gender-affirming care program, community college basic-needs and aid changes, CEQA and coastal permit exemptions tied to the 2028 Olympics, invasive mussel prevention funding, a civic media program, labor and pension-related provisions, and special election administration changes. Members raised questions and concerns about several parts of the package. There was support for climate, water, transit, offshore wind, food security, and health investments, but also significant criticism of the lack of cleanup language for SB 131 and its advanced manufacturing exemptions, with multiple members saying promised fixes had not materialized and expressing concerns about tribal consultation, labor standards, and environmental protections. Members also questioned the scale and timing of some Proposition 4 allocations, including fairground upgrades, regional conveyance, and a UC Davis alternative protein research center. The Department of Finance said some programs would roll out over time and that certain funding levels reflected current implementation capacity. The hearing also featured discussion of Bay Area transit financing, with Finance saying SB 105 directs the department and CalSTA to examine loan or other financing options rather than immediately providing loans. Members and public commenters also discussed the state’s response to H.R. 1, with advocates supporting food bank, health care, and immunization provisions while warning of ongoing harm to immigrants, foster youth, and other vulnerable groups. Public testimony broadly supported the health, food, water, offshore wind, and golden mussel provisions, while many speakers echoed legislative concerns about SB 131 and urged cleanup action in the next session. No votes were taken because the hearing was informational only, though the chair noted votes on the bills were expected later that night or the next morning.

Transcript Highlights:

• We have budget jurisdiction over the Housing Finance Agency, housing bond allocation authority, and also
• We have budget jurisdiction over the Housing Finance Agency, housing bond allocation authority, and also
• We have budget jurisdiction over the Housing Finance Agency, housing bond allocation authority, and also
• We have budget jurisdiction over the Housing Finance Agency, housing bond allocation authority, and also
• We have the authority to issue bonds, and we have the authority to allocate federal low-income housing

Keywords: 1187, senate, all

Summary: The Senate Housing and Homelessness Prevention Committee met for an organizational hearing focused on introductions, committee jurisdiction, and a presentation from Minnesota Housing Finance Agency Commissioner Jennifer Ho. Members described their priorities for the session, including addressing HOA issues, senior housing affordability, manufactured housing exploitation, first-time homebuyer access, housing and health connections, homelessness protections, downtown conversions, and expanding starter homes, ADUs, and smaller multifamily housing. Chair Port emphasized bipartisan collaboration and the committee’s focus on removing barriers to housing production and expanding homeownership. A substantial portion of the meeting was devoted to remembering Senator Carrie Dietz, with Chair Port, Senator Draheim, and Commissioner Ho each describing her deep knowledge, behind-the-scenes leadership, and role in major housing accomplishments. They highlighted her work on fire sprinkler requirements in high-rise buildings, rental housing safety, public and nonprofit housing repairs, protections against predatory investors, manufactured and workforce housing, tenant protections, down payment assistance, local affordable housing aid, homelessness services, and the Bring It Home program, which helped pave the way for Minnesota’s rental voucher program. Advocates’ letters honoring her contributions were also made available to members. Committee staff then reviewed the panel’s jurisdiction, including housing and homelessness prevention, Minnesota Housing Finance Agency oversight and budget matters, housing bond allocation authority, housing infrastructure bonds, manufactured housing, rent control, transitional housing, and homeless prevention. Chair Port said the budget overview would be held for a later hearing. Commissioner Ho introduced her staff and outlined Minnesota Housing’s mission as a statewide mission-driven financial institution that finances affordable housing, homeownership, supportive housing, homelessness prevention, and manufactured housing through partnerships with lenders, developers, service providers, tribes, and local governments. No votes or formal legislative actions were taken at this meeting.

Transcript Highlights:

• revenue bonds.
• revenue bonds.
• Another mechanism by which the funds can be allocated for the line of credit?
• Another mechanism by which the funds can be allocated for the line of credit?
• be allocated for line of credit yes what be allocated for line of credit yes what would<00:08:31.720>

Keywords: 912, senate, all

Summary: The Committee on Housing heard testimony on several housing-related measures. Senate Bill 65 would appropriate funds to the Hawaii Public Housing Authority for rehabilitation and repair of public housing units. Testifiers from the Department of Human Services, HPHA, Catholic Charities Hawaii, and Roar Cares supported the bill, emphasizing that repairing vacant units is a fast, cost-effective way to increase available housing for homeless and elderly residents. HPHA later told the committee it had 139 vacant units, with an estimated average repair cost of about $73,000 per unit. In decision-making, the committee recommended passage of SB 65 with amendments, including an appropriation of $10,147,000, and the motion passed. The committee also considered Senate Bill 40, which would allow HHFDC to secure a line of credit or other indebtedness for the bond volume cap recycling program. HHFDC supported the measure and explained that Act 35 had provided a $150 million line of credit for fiscal year 2025 only, so this bill would extend that authority; HHFDC said the bonds involved would be revenue bonds. Roar Cares supported the bill, while the chair asked whether the Legislature would need to pass such a bill annually. In decision-making, the committee recommended passage with amendments to specify revenue bonds and noted the administration should study other ways to secure the line of credit without annual legislation. For Senate Bill 35, which would create a Housing Efficiency and Innovation subaccount within the rental housing revolving fund and allow fund transfers without legislative approval, HHFDC and several others supported the measure, arguing that more flexible fund movement would improve efficiency. The committee adopted a recommendation to pass SB 35 with amendments, including language prioritizing projects on state or county land or projects by entities required to reinvest surplus into housing, and noting nonprofit developers could qualify for prioritization. Senate Bill 42, which would repeal certain 30% AMI set-aside and preference requirements for rental housing revolving fund projects, drew opposition from Catholic Charities Hawaii, which argued the bill would reduce the supply of the most vulnerable housing units, while HHFDC warned it could reduce production of 30% AMI units. The committee deferred SB 42. The final bill discussed was Senate Bill 75, which would establish a working group to revise the state’s qualified allocation plan and related rental housing revolving fund loan terms and report back to the Legislature. HHFDC and others offered comments, while Catholic Charities asked that the bill be deferred, saying HHFDC already had the capacity to work with the community without a new law. Roar Cares supported the concept but urged broader stakeholder inclusion. In decision-making, the chair said the committee report would note concerns about prior QAP revisions and the need for more transparent, ongoing stakeholder participation, and the committee recommended passage of SB 75 without amendments. All recommendations were adopted, and the hearing adjourned.

Transcript Highlights:

• for all of our outstanding bonds.
• The biggest thing for finance and me biggest concern overall is our bond reconciliation.
• balance is on all of the bonds.
• to ensure that we're not tying into old bonds going forward.
• Section 70 in the capital bill authorized $10 million allocation.

Transcript Highlights:

• was federal and 1 million was in bond was federal and 1 million was in bond funds.
• allocation pool for the city of Cordon. allocation pool for the city of Cordon.
• Um how much and by allocated somewhere.
• The bonds are a liability transaction.
• Uh they were sold 27 Corporation bonds.

Keywords: 00:01 Call to Order and Roll Call 00:49 Approval of Minutes 01:05 Information Items 02:39 Project Rpt from Finance and Admin Cabinet 23:40 Lease Rpt from Finance and Admin Cabinet 26:30 OFM Rpt – KY Infrastructure Authority 36:07 OFM Rpt – Econ Dev Cabinet 43:40 Office of Financial Mgmt 50:18 Remaining 2025 Mtg Dates 50:50 Adjournment, 958, all

Summary: The committee first handled routine business, including approval of the June meeting minutes and receipt of several correspondence and information reports. Those reports covered quarterly capital project status updates from state agencies and postsecondary institutions, lease modifications, asset preservation projects, school district debt issuances, and Kentucky Communications Network Authority budget history materials. Members also raised questions about a long-open stream mitigation account and were told the funds are fee-in-lieu stream mitigation monies administered through Fish and Wildlife, with staff promising to follow up on the specific project. The committee then reviewed and approved several capital project actions. These included a new Camp Oralis dining hall project for the Department of Fish and Wildlife Resources, explained as a reauthorization because the funding split changed to 64% federal and 36% agency funds; an appropriation increase for the Shelbyville armory addition due to higher construction costs and security requirements; and emergency repair projects for Fort Boonesboro flood remediation and the Kentucky State Police Supply Branch fire damage. Members also approved a tenant improvement fund request for parking garage safety improvements at the Mayo Underwood Building. The Office of Financial Management presented three Kentucky Infrastructure Authority items and one Cleaner Water Program reallocation. The loans included a Shepherdsville sewer/drainage project and two Auburn water and lead service line projects; the grant reallocation involved unused Cleaner Water Program funds, with staff emphasizing that all ARPA-funded cleaner water dollars must be spent by December 31, 2026 or returned. After discussion, the committee approved the package. The committee also approved six Economic Development Fund grants, and the Cabinet for Economic Development began presenting the first six KPDI projects, though the transcript cuts off before those project details were completed.

Transcript Highlights:

• All of the housing infrastructure bond authorizations from 2024 and 2025 have been allocated and matched
• All of the housing infrastructure bond authorizations from 2024 and 2025 have been allocated and matched
• All of the housing infrastructure bond authorizations from 2024 and 2025 have been allocated and matched
• All of the housing infrastructure bond authorizations from 2024 and 2025 have been allocated and matched
• All of the housing infrastructure bond authorizations from 2024 and 2025 have been allocated and matched

Keywords: 1187, senate, all

Bills: HR133, HR134, HR135, HR136, HR137, HR138, HR139, HR140, HR141, HR142, HR143, HR144, HR145, HR146, HR147, HR148, HR149, HR150, HR151, HR152, HR119, HR120, HR121, HR122, HR123, HR125, HR126, HR127, HR128, HR129, HR130, HR131, HR132, HCR53, HCR54, HCR55, HCR56, SCR3, SCR22, SB4, SB18, SB66, SB106, SB201, SB256, SB274, SB292, SB326, SB386, SB406, SB422, SB423, SB456, SB475, HCR3, HB1, HB3, HB27, HB71, HB214, HB225, HB241, HB244, HB306, HB312, HB313, HB314, HB345, HB366, HB383, HB446, HB473, HB511, HB514, HB655, HB730, HB743, HB836, HB983, HB1027, HB1037, HB1043, HB1082, HB1091, HB1096, HB1103, HB1126, HB1167, HB1174, HB1175, HB1230, HB1237, HB1238, SB162, SB349, SB350, SB382, SB383, HB76, HB132, HB181, HB210, HB250, HB265, HB275, HB291, HB322, HB342, HB475, HB486, HB616, HB635, HB639, HB690, HB740, HB757, HB761, HB774, HB808, HB855, HB872, HB883, HB886, HB903, HB949, HB962, HB996, HB1003, HB1036, HB1054, HB1071, HB1076, HB1078, HB1113, HB1132, HB1146, HB1232, HB1233, HB21, HB24, HB29, HB31, HB39, HB45, HB77, HB136, HB150, HB263, HB273, HB299, HB315, HB376, HB377, HB431, HB444, HB450, HB519, HB533, HB538, HB559, HB562, HB663, HB664, HB715, HB717, HB805, HB822, HB823, HB834, HB864, HB867, HB1017, HB1018, HB1068, HB1134, HB1137, HB1234, HB1235, HB1236, HB961, HB399, HB868, HB905, HB180, HB192, HB284, HB476, HB915, HB952, HB1006, HB401, HB51, HB58, HB140, HB982, HB1010, HB750, HB911, HB977, HB901, HR20, HR74, HB9, HB151, HB193, HB310, HB393, HB459, HB577, HB582, HB605, HB614, HB615, HB682, HB733, HB773

Keywords: commendation, leadership, energy sector, Shell USA, Louisiana pride, House Resolution 134, HR134, honorary resolution, Bob Lupo, Robert E. Smith Lupo, Lakeview, New Orleans, civic service, philanthropy, real estate development, Hurricane Katrina recovery, community service, charitable giving, public recognition, Louisiana House of Representatives

Transcript Highlights:

• In the original draft, that meant that every county that received no allocation or a total allocation
• Then let's see, on bonding.
• Well, we all know that on bond issues, a typical bond issue is for like 20 years, and so we need to make
• an exception for these bonds, knowing that bonds go for 20 years.
• There's no bond that's going to be issued for four years.

Bills: SB2397

Keywords: oil and gas, tax exemption, development incentive wells, gross production tax, flaring, 908, all

Summary: The Senate Finance and Tax Committee met and first took up House Bill 1382, the gas tax bill. Members explained an amendment to ensure that the proposed three-cent gas tax distribution would include all counties and townships in oil-producing counties, rather than excluding non-oil-producing counties as in the original draft. The committee adopted the amendment unanimously, but then held the bill for the time being because of related work on the Department of Transportation budget in the House. The committee then turned to House Bill 1168, a large hoghouse amendment that combined the bill with the contents of House Bill 1176 and added technical corrections. The proposal would raise the primary residence property tax credit maximum from $1,250 to $1,650, keep the 75% cap with a $500 floor, and extend the credit to voter-approved levies while excluding special assessments. Other changes discussed included aligning the disabled veterans property tax credit with the $200,000 exemption level, adjusting budget and distribution dates so taxing districts are made whole sooner, exempting townships from a general-election vote requirement for levy increases, and modifying school funding formulas so schools are not shortchanged if mill levies are reduced under the cap. Testimony from the Association of Counties and the State Supervisor of Assessments was generally supportive of the technical cleanup and implementation changes, but they raised concerns about the June 1 distribution date, application timing, and the practicality of some programming and administrative changes. Committee members also discussed the policy and messaging implications of the 75%/floor structure and the difficulty of applying the credit to certain voter-approved levies. No final action was taken on House Bill 1168; the committee agreed to continue working on amendments and recessed until later in the day.

Transcript Highlights:

• you mean like a multi-year allocation?
• But the general obligation bond funds will still be available.
• And so I'm wondering why there's almost a $6 million allocation.
• I can address the difference in the allocations. Thank you, sir.
• funds, bond fund proceeds.

Summary: The committee heard the May Revision presentation for the Assembly Budget Subcommittee on Education Finance, with public comment focused heavily on K-12 priorities such as universal school meals, kitchen infrastructure, food service and custodial support, youth leadership grants, Special Olympics funding, English learner support, universal pre-K, literacy investments, and concerns about community college funding shifts. Speakers also urged support for expanded learning, teacher recruitment and training, and maintaining or increasing funding for community colleges and student support programs. Finance and the LAO then reviewed the Proposition 98 outlook. Finance said the May Revision lowers the 2025-26 Prop. 98 guarantee to $114.6 billion, about $4.3 billion below January, due mainly to lower revenue estimates, with smaller effects from attendance and property tax changes. The administration also described rebenching for universal transitional kindergarten and a one-time rebench tied to Los Angeles fire-related property tax losses, along with changes to the Public School System Stabilization Account, deferrals, and updated COLA assumptions. The LAO said the budget relies too much on deferrals and one-time funds, creates a structural shortfall, and should instead align ongoing spending with the guarantee and preserve a reserve buffer. Members questioned the TK rebench and the shift of funding from community colleges to K-12, asking why it was being applied retroactively and how colleges would be held harmless. Finance said the changes align funding with where TK costs are being incurred and that reappropriation funding and other adjustments would offset impacts on community colleges. The LAO argued the historical split formula is outdated and should be abandoned in favor of budgeting around current priorities rather than fixed percentages. Members also raised concerns about draining the rainy day reserve and using deferrals, while the LAO said preserving reserves would better protect against future volatility. The committee then moved to specific K-12 and education proposals. Finance outlined May Revision changes including state operations adjustments for the Department of Education, technical trailer bill changes, a $100 million student teacher stipend program administered by Kern County, and updates to the charter school facility grant program. The LAO recommended rejecting the proposed increases for expanded learning, literacy coaches, and the student teacher stipend as currently structured, while supporting the minimum grant increase for expanded learning. Members expressed support for teacher recruitment efforts but questioned whether one-time funding can sustain ongoing programs and whether the student teacher stipend should be targeted to shortage areas or low-income communities.

Transcript Highlights:

• capacity available for severance tax bonds to be authorized by the Legislature.
• Also, Madam Chair, currently the division allocates...
• Also, Madam Chair, currently the division allocates 9% of the estimated bonding capacity each year for
• Also, Madam Chair, likewise, the division has allocated 1.5% for the tribal infrastructure...
• And, Madam Chair, in that same process, House Bill 21 has the division allocating 1.1% of the bonding

Keywords: 996, all

Transcript Highlights:

• funds who have different u allocations funds who have different u allocations to<00:10:43.519>
• We have some really complicated bonds.
• CS, you know, slightly above average allocation to equities now.
• they have, you know, US equity and bonds they have, you know, US equity and bonds and<00:18:11.600
• TRS average allocation to equities now.

Keywords: Meeting Start: 00:00 Attendance Roll Call: 01:02 Approval of Minutes: 02:03 Annual Investment Review: 04:10 Adjournment: 37:34, 958, all

Summary: The committee met with a quorum, approved the prior meeting minutes, welcomed new staff member Sean Parks, and announced that it would not meet in November. The next meeting was scheduled for December 8 at 10:00 a.m., with the chair noting that pension bills would be heard then and emphasizing that all pension bills must go through the full process and include actuarial analysis. Brad Gross of the Public Pension Oversight Board presented a detailed review of Kentucky retirement systems’ investments and funding. He said fiscal year 2025 ended with about $50.5 billion in pension assets and $12.52 billion in retiree health assets, both up from the prior year. He reported strong investment performance across the systems, with all Kentucky public pension funds exceeding their policy benchmarks and the median peer return of 10.4%. He also discussed long-term return trends, asset allocation differences among the systems, fee levels, and cash flow, noting that cash flow remains a key monitoring issue and that supplemental appropriations have improved the cash position of some funds, especially the Kentucky State Police and TRS systems. Gross also explained that assumed rates of return have generally fallen over time, which increases unfunded liabilities and required contributions, and said the systems’ current assumptions range from 5.25% to 7.1%. He noted that the committee’s materials included peer comparisons and historical charts, and that all asset classes were within target ranges. In response to a question from Senator Funky From, Gross was asked about pension spiking and whether supplemental general fund contributions could create a false sense of security in cash flow analysis; the question was raised but not resolved in the portion of the transcript provided.