Transcript Highlights:

• Because this is a... when that calculation... Right.
• Interesting.
• Subject to interest rates set by the Federal Reserve, these interest-bearing accounts are projected to
• Since it's subject to the Federal Reserve's interest rate, there could be changes in the amount of interest
• It's specifically the interest rate set.

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:

• calculation.
• the adequacy calculation come from?
• the DOE does the adequacy calculation. the DOE does the adequacy calculation.
• calculate it based on that. calculate it based on that.
• from right from the state calculation. from right from the state calculation.

Keywords: 928, house, all

Summary: The commission met to approve the November 21, 2025 minutes, making several clerical corrections before adopting them as amended. The edits included adding the date, correcting a misspelled name, clarifying references to a scholarship fund representative’s title, removing an incorrect “DOE” reference, and fixing a few wording errors. The minutes were approved with one abstention from members who were absent. The bulk of the meeting focused on organizing the commission’s work under SB 57 and identifying which special education cost issues should be prioritized for research and reporting. Members discussed a long list of topics, including student referral rates, why students are classified as other health impaired, increases in referrals since school closures, interventions before referral, costs of non-medically necessary services in IEPs and 504 plans, differences between federal and state requirements, reporting of special education costs, out-of-district and residential placements, dispute resolution, Medicaid and insurance use, graduation rates, and adult learning participation. Several members emphasized the need to combine or narrow topics and to gather better data before the report due July 1, 2026. Representative Ames highlighted HB 742, which would eliminate prorated special education aid payments when state appropriations fall short, and explained that the Education Funding Committee recommended interim study. He argued that local districts are bearing too much of the cost and that the state and federal governments should provide more support. Other members raised concerns about rising special education identification rates, possible overidentification, school climate and mental health factors, bullying, staffing, speech therapy access, and residential placements. One member cautioned that DOE website numbers may be inflated or at least difficult to interpret because of how students are counted. Department of Education staff then explained how special education data and costs are monitored. They said student counts are tied to IEPs and SASIDs in the state system, districts are checked through both desk audits and on-site monitoring, and billed services are compared against IEP requirements. They also described IDEA funding, noting that most DOE special education staffing is federally funded, with a large share of federal money flowing through to local education agencies and the remainder supporting administration, monitoring, and training initiatives. Members discussed whether more staff and more robust oversight would improve accuracy and accountability.

Transcript Highlights:

• income, largely due to spending down of dollars that have been appropriated and lower interest rates
• We had bonus depreciation, business interest expensing, and research and experimentation expensing at
• The full expensing on R&D and enhancement on the business interest expense, those are all items that
• Does your department have any form of a calculator where we can put job growth numbers in?
• We can provide a little calculator as to what that might look like on the tax front. Okay.

Keywords: 994, senate, all

Summary: The Senate Finance Committee met with a quorum present and first approved the minutes from the January 15 morning meeting. The main agenda item was the Department of Revenue’s budget and revenue presentation from Secretary Eric Nelson, Deputy Secretary Peter Shirley, and Deputy Secretary Mark Mucco. Nelson said the state remains double-A rated with a positive outlook, the budget includes a 5% personal income tax reduction, and the 2027 general revenue estimate is $5.493 billion, up $170 million from the prior year. Shirley gave an economic overview, saying West Virginia is forecast to see continued but slowing employment growth, continued wage growth, gains in private education/health services and business services, declines in some sectors, improving labor force participation relative to the nation, and strong recent net in-migration. He also noted continued growth in natural gas production and a modest rebound in coal production, though coal faces longer-term demand pressure. Mucco reviewed revenue trends and said 2025 collections were about $5.5 billion, below the prior year but above estimate, with personal income tax and sales tax driving the surplus. He explained that the forecast incorporates the 5% PIT cut and annual conformity to the federal One Big Beautiful Bill Act, including changes such as Section 179 expensing, bonus depreciation, R&D expensing, business interest deductions, and a new manufacturing facility expensing provision. He also discussed the effects of tax credits, severance tax volatility, declining tobacco revenues, and health care provider tax changes tied to federal Medicaid rules. He said road fund revenues are largely flat absent policy changes, and county commission revenues are growing faster than state revenues. Members asked about when new economic development projects like NewCore would appear in the projections, how much 20,000 new jobs would matter, whether the department had a calculator for job-growth impacts, the status of recent tax cuts, road fund growth, tobacco/vape taxation, and whether migration data could be broken down by county. The witnesses said major projects are not yet in the S&P-based forecast but would likely add jobs, wages, and tax revenue over time; they estimated 20,000 jobs would be a significant increase. They also said the state is unlikely to hit the current personal income tax trigger in the near term. No substantive votes were taken beyond approving the minutes, and the committee adjourned after a motion carried by voice vote.

Transcript Highlights:

• already have and from private interests already have and from private interests as<00:02:50.120>
• charging stations um I'd be interested charging stations um I'd be interested to<00:15:18.800>
• the what we did not meet calculations the what we did not meet the<01:36:53.639> calculations
• goes we have to do some calculations goes we have to do some calculations that<01:41:30.920>
• determine if we've met the calculation determine if we've met the calculation requirements<01:41

Keywords: 1191, senate, all

Transcript Highlights:

• Adequacy standards are also used to calculate the amount of square footage allotted to specific school
• This framework maintains the emphasis on calculating district ability to pay while also incorporating
• And then I think, oh, it's very interesting to me.
• Chair, Representative Dixon, you know, we're really calculating any additional costs right now.
• And there was a few kind of interesting choices.

Transcript Highlights:

• , calculated using normalized, inverted, calculated using normalized, inverted, per<00:41:47.599>
• Um, this is where we begin discussing the county portion of the calculations.
• <00:45:38.720> from<00:45:38.880> a government is calculated from a government is calculated
• The flat distribution is really the first thing that is calculated.
• The flat distribution is really the first thing that is calculated.

Bills: HB0105, HB0107, SF0002

Keywords: K-12 education, school facilities, security improvements, public funding, state appropriations, school construction, local government funding, sales tax distribution, municipal funding, economic equity, state revenue, Wyoming Legislature, legislative appropriations, Legislative Service Office, LSO budget, general fund, biennial budget, legislative branch, legislator travel, per diem

Transcript Highlights:

• That's a formula we calculate every year.
• That's a formula we calculate every year.
• That's a formula we calculate every year.
• That's a formula we calculate every year.
• That's a formula we calculate every year.

Keywords: 1191, senate, all

Transcript Highlights:

• I'm happy to be here, and thank you for your interest in education. Good morning, Mr.
• We appreciate your interest in education, and we're here to try our very best to do a good job for our
• That's a federal calculation that they give to us to calculate at-risk. that are statutorily and federally
• While we agree that there are some negative impacts of high mobility, the data that we use to calculate
• The reason I spent time here talking about at-risk and how we calculate it now goes back to the bill

Transcript Highlights:

• for calculating AIDS and rates<00:10:15.120> what<00:10:15.279> does<00:10:15.600>
• I believe our local teachers and our local school boards have our students' best interests in mind, and
• 13:07.560> best school boards have our students best school boards have our students best interests
• 13:09.079> we<00:13:09.199> need<00:13:09.360> to<00:13:09.560> give interests
• in mind and we need to give interests in mind and we need to give them<00:13:09.959> the<00:13

Keywords: 1187, senate, all

Transcript Highlights:

• In 2012, interesting, right after the Great Recession, right?
• Assuming a higher general salary growth assumption will impact the calculation of the liabilities of
• And when does that expected rate of return of 7.25% go into the calculations?
• The actuarial calculations were simply wrong.
• So people who were interested could submit, and if there are submittals, then I'll try to track those

Summary: The committee approved the July minutes and then received an informational presentation from the Office of the State Actuary on the financial condition of the state retirement systems. The actuary reported that employer contribution rates are generally declining, helped by strong investment returns and reduced funding for PERS 1 and TERS 1, while funded ratios have continued to improve; on a combined basis the plans were reported at 100% funded in 2024, with open plans above 95% and legacy plans varying by system. The presentation also reviewed projected rates and funded ratios under current assumptions, noted that pension costs are taking a smaller share of the state general fund, and discussed risks from investment volatility, policy changes, and demographic experience. Committee members asked about savings from lower rates, deferred asset smoothing, and how Washington compares with other states. The committee then considered the state actuary’s recommendation on long-term economic assumptions and adopted all four recommendations by roll call votes: inflation at 3.0%, general salary growth at 3.5%, membership growth for Plan 1 funding at 1.0%, and investment rate of return at 7.25%. The actuaries explained that the inflation and salary growth increases were driven largely by higher long-term inflation expectations, while the investment return recommendation matched the current statutory assumption. Members discussed the timing of the Pension Funding Council’s decision, the effect of tariffs and inflation uncertainty, and how assumption changes would affect future contribution rates and budgets, particularly for open plans. Staff then gave an update on the LEOFF 1 study, explaining the difference between being “ahead of schedule” and truly overfunded, and summarizing responses received from DRS, the State Treasurer, and the State Investment Board on the merger and restatement proposals. DRS said both bills could be administered, though the merger bill’s COLA banking provision would be challenging until its new system is ready; the Treasurer urged caution, especially about the restatement bill and the use of one-time funds; and the Investment Board said removing assets from the trust would have some transaction costs but likely small impacts. The committee discussed whether to invite additional agencies and local government groups to testify, and staff said more responses, including from Ice Miller and the State Actuary, were expected for the October meeting. Finally, the committee heard a briefing on PERS 1/TERS 1 COLA policy and related bills from the last session. Staff reviewed the committee’s prior ongoing COLA recommendation, the SCPP-endorsed bills that would have created a one-time 3% COLA followed by an ongoing COLA, the Senate merger bill, and a separate ad hoc COLA bill. Public testimony largely supported Plan 1 COLAs and stable contribution rates, while several speakers urged caution about transferring LEOFF 1 surplus assets or merging legacy plans, and others raised concerns about climate risk and the pension fund’s investments. No further committee action was taken on the COLA item during this portion of the meeting.

Transcript Highlights:

• we do have quite a few people interested we do have quite a few people interested in<00:00:55.120
• Uh, we've got the calculations here.
• Uh we we've got the calculations Yeah.
• You said something that really piqued my interest earlier.
• You said something that really piqued my interest earlier.

Keywords: Call to Order and Roll Call: 0:03 Bills for Consideration: 3:10 Adjournment: 56:19, 958, all

Summary: The Senate Education Committee heard House Bill 1, which would have Kentucky opt into a federal education freedom tax credit program allowing donations to scholarship-granting organizations (SGOs) for K-12 educational expenses. The bill sponsors said it would not use Kentucky general funds, would be administered through the Secretary of State, and would let donors claim up to a $1,700 federal tax credit for contributions to SGOs. They argued the program could support public, private, religious, and homeschool-related educational needs, including tutoring, transportation, technology, special needs services, and other school expenses. Several senators raised concerns about whether the bill would favor larger districts with more school-choice options over rural counties with only one public school, creating a two-tier system. The sponsors responded that public school districts could also create SGOs and that the federal rules limit eligibility to families at or below 300% of area median gross income. They also said the program would not reduce existing state or federal school funding, but would instead redirect federal tax credit dollars that Kentucky donors might otherwise send to other states or back to the federal government. Members asked about the structure and oversight of SGOs, including whether they must be nonprofits, how broad their missions could be, and whether funds could be earmarked for specific purposes. The sponsors said SGOs must be certified, serve at least two schools and 10 students, spend at least 90% of receipts on scholarships, and cannot be directed to a specific student, though they can be targeted to categories such as elementary students or special needs services. They also said homeschool families would need to organize through a co-op or existing approved SGO. No vote was taken during the portion of the meeting provided.

Transcript Highlights:

• What we're seeing is we could see changes in benefit calculations.
• These calculations are based on the Thrifty Food Plan, which determines the cost of a basic diet and
• These calculations will convert to how they were done in 2018.
• Chairman, my last point is going to be: in the benefits package, was child care calculated?
• That does depend a little bit on those calculations to the thrifty food plan.

Transcript Highlights:

• You should have the following documents in the packet before you a summary of the Fefp calculation detailed
• The bill also clarifies a conflict between 2 statutes regarding how school grades are calculated for
• The chairman said outside of the calculation used for the students who choose to attend public school
• What is the calculated scholarship amount for the next year?
• What is the calculated scholarship amount going forward?

Keywords: 999, senate, all

Transcript Highlights:

• So if folks are ever interested in hearing more about it, there are links in this, but also feel free
• So that, that's not... ...book or like Game of Thrones, but not as interesting.
• Yeah, so I think there are some things that we could... we're interested.
• Yeah, so I think there is some things that we could, we're interested.
• We're interested. As you know, I think the committee is a little disappointed.

Summary: The Capital Budget Committee heard presentations from the Department of Commerce, the Recreation and Conservation Office (RCO), and a consultant on the School Construction Assistance Program (SCAP) study. Commerce officials described their agency’s role in housing, energy, local government, broadband, and other capital programs, and reported on a $5 million pilot under Senate Bill 5200 that used trusted community messengers and technical assistance to help historically excluded organizations prepare for capital funding. They said 18 organizations received direct support and 79 smaller projects were also funded, but emphasized that statutory match rules, reimbursement-based payments, site-control requirements, insurance and audit costs, and extensive contracting rules remain major barriers. Commerce outlined efforts to expand outreach, digital modernization, internal contracting improvements, tribal MOUs, and innovation centers, and members asked about small business support, housing program placement, and outreach to Eastern Washington and communities of color. RCO described its grant programs for recreation, conservation, education, and salmon/orca recovery, and reviewed equity work done before and after a 2021-23 proviso. The agency had already created a small-communities carve-out in youth athletic facilities, piloted stipends for advisory committee members, and reduced match requirements where allowed. Under the proviso, RCO completed an equity review and a planning program that funded 54 projects across 34 counties, with many applicants being new or long-absent grantees. Staff said the review led to changes in scoring criteria, clearer application guidance, more objective data measures, expanded technical assistance, and targeted community engagement. Members asked about application burden, project sizes, outreach, and how the agency is broadening participation and representation on advisory committees. The final presentation summarized a planning study on SCAP, which examined rising construction costs, fragmented grant programs, local funding barriers, and uneven district capacity. The report recommended nine major changes, including stronger planning support, a new minor-modernization category, a mechanism to use unused funds more quickly, an education-specification prototype, a SCAP enhancement program for low-capacity districts, acceptance of non-SCAP funds, phased modernization, streamlined D-form and reimbursement processes, and revisions to the SCAP formula to better account for grade-band differences, enrollment projections, and regional cost factors. Additional recommendations included ongoing monitoring and evaluation, facilities-impact reviews, matching SCAP increases to construction-cost inflation, earlier locking of funding estimates, flexible program spaces, and updated statewide building-condition assessments. No votes were taken during the meeting.

Transcript Highlights:

• I was only referring to the amortization period and approach for the calculation of ADC.
• approach for the calculation of ADC. approach for the calculation of ADC.
• It's just not the only factor. model that that calculates if the model that that calculates if the employer
• Thank you for your question and your interest and support of PERS.
• is because it was in the best interest is because it was in the best interest in<01:34:36.480>

Keywords: Finance - Room 216, 20 January, 2026; 10:30 AM, 925, all

Summary: The committee heard an update from PERS Executive Director Higgins, who reported that the system has about $38 billion in assets, earned roughly 11.7% last fiscal year, and is about 57% funded. He thanked lawmakers for a newly passed $1 billion funding bill and emphasized that funding the existing system remains the top priority. Higgins also noted that the board’s actuarially recommended contribution is about 26% of payroll, while the system is currently receiving about 18.4%, and said PERS will return later in session with a few requested bills. Higgins addressed several policy topics under discussion this session, including return-to-work rules, first responders, and Tier 5. He said return-to-work changes are possible if the law is changed and funding implications are addressed. For first responders, he said any special treatment should be done within PERS rather than by creating a separate system, with the affected group and parameters clearly defined and fully funded. He also said the new Tier 5 hybrid plan is being implemented on track for March 1 and is projected to improve the system’s long-term financial position by reducing future liabilities and helping pay down the unfunded liability. Members then questioned Higgins about the system’s funding policy, the 30-year closed amortization period used in the ADC calculation, and whether that approach should be revisited in light of recent funding actions and changes in assumptions. Higgins said the board reviews the policy annually, that the closed amortization approach was chosen to better pay down the unfunded liability, and that the annual valuation and experience studies already incorporate recent funding changes, Tier 5, and the phased employer-rate increases. He acknowledged that a significant new infusion of funding could justify reviewing the amortization period, but cautioned against changing it too often because it could undermine progress toward paying down the unfunded liability.

Transcript Highlights:

• There's just a diminishing interest in pursuing accounting.
• With regard to the percentage, I think we had calculated 50%.
• Auditor, there's an interest in as many CPA positions as would be beneficial. If Dr.
• The next item is the PR personnel calculator.
• There's a difference between risk and calculated risk.

Transcript Highlights:

• student never done that calculation student never done that calculation either<01:46:36.920>
• <03:50:03.840> thank interests thank interests thank you you you yes<03:50:07.640> thank
• and I I said some of us are interested and I I said some of us are interested in<03:53:14.560>
• That's all part of the calculation.
• That's all part of the calculation.

Keywords: 928, house, all

Summary: The Education Funding Committee met in executive session and first took up HB 193, which clarifies that dual and concurrent enrollment courses may not exceed four credits. Members said the bill came from the community college system and was intended to preserve the program’s high school-to-college pathway. An amendment changing the effective date to passage was adopted 18-0, and the committee then voted 18-0 to recommend OTPA on the bill as amended, with the bill placed on the consent calendar. The committee then retained HB 295 and HB 366, both related to school building aid, after members said the issues were complex and needed more work. Both motions to retain passed 18-0, leaving the bills in committee without reports. The chair also said HB 354 would not be taken up that day because of possible changes from the Department of Education and others. HB 494, funding the math learning communities program, was then amended to flat-fund the program rather than increase it, with members citing budget uncertainty. The amendment passed unanimously, and the committee then voted 18-0 for OTPA on the bill as amended, placing it on consent. Finally, HB 515, which would repeal charter public school eligibility for state school building aid, drew debate over whether charter schools should be treated differently from traditional public schools. The committee voted 10-8 for inexpedient to legislate, sending the bill to the regular calendar; Representative Damon was assigned the minority report and Representative Popovic the majority report. The committee then began HB 716, an appropriation for the dual and concurrent enrollment program, where members discussed flat-funding the program at $2.5 million per year and the potential impact on course availability, but the transcript cuts off before a final vote is shown.

Transcript Highlights:

• It also requires entities receiving funds to remit any unexpended interest on these funds within 30 days
• <00:03:56.400> on to remit any unexpended interest on to remit any unexpended interest on
• We've had some very interesting discussions in that if someone chooses, you've got two pools of people
• that that impact uh how they calculate that that impact uh how they calculate the<00:23:47.360><
• That's roughly what I calculated. years. That's roughly what I calculated.

Keywords: Finance - Room 216, 2 February, 2026; 3:00 PM, 925, all

Summary: The committee first heard a bill concerning tax increment financing (TIFs). The sponsor explained that the measure would not change the existing financing structure, but would add an optional arrangement cities could negotiate with developers: a revenue bond guaranteed by taxes generated from the development. The goal was to let developers guarantee the bond and access funds sooner on the front end of a project rather than waiting to see whether tax revenues meet projections. After no questions, the committee adopted a motion that the title was sufficient and reported the bill out do pass as a committee substitute. The next bill, Senate Bill 2873, came from the Department of Revenue and dealt with enforcement of the state’s vape registry law. The sponsor said the bill fills a gap left by prior legislation by creating a statutory forfeiture process for seized products valued at $20,000 or less, including notice, a right to contest, and rules for disposition of forfeited property. The committee then moved the bill title sufficient and do pass, and it was reported out. Senate Bill 2894 addressed local improvement projects funded in 2021 through 2024 that had not been executed or had unspent money remaining. The bill would require return of certain funds after a memorandum of understanding was not signed or after three years with unspent balances, require remittance of unspent interest, allow withholding of some city diversion or state aid road funds for noncompliance, and require periodic status reports to the Legislative Budget Office. The sponsor also offered an amendment giving entities 60 days from the bill’s effective date to request a one-time six-month extension; the amendment and the bill both received favorable votes and were reported out. Senate Bill 2910 would require employers in the PERS system to settle the books if a unit of government or other employer terminates participation. Senate Bill 2911 proposed a new return-to-work option for PERS retirees, shortening the separation period from 90 days to 30 days and allowing certain retirees to return to public employment at up to 80% of the stated salary, with employer-paid retirement contributions and possible health insurance support. The sponsor said the bill would exclude elected officials, K-12 superintendents, and IHL/community college administrators, and he discussed the bill’s expected effect on PERS funding with questions from members about actuarial impact and whether the proposal would affect existing retirement rules. Both bills were discussed but the transcript excerpt does not show final committee action on Senate Bill 2911.

Transcript Highlights:

• <03:37:14.319> and home and 3A shall be calculated and home and 3A shall be calculated and
• <04:01:45.040> that So, it did peique my interest that So, it did peique my interest that
• And to calculate ranges from 30 to 60%.
• 04:05:02.720> the<04:05:03.600> public calculating that out for the public calculating
• We would calculate their rank Bristol.

Keywords: 1189, house, all

Transcript Highlights:

• So as a result of high balances and higher interest rates, we have seen more in that source.
• I just know that my understanding of how the Tax Foundation calculates the data is that they take the
• So while there's growth in revenue, my understanding is that when we calculate the appropriation side
• They'll be much lower as the interest rates come down and as balances come down as well.
• They'll be much lower as the interest rates come down and as balances come down as well.

Summary: The Senate Committee on Finance and Tax convened with a quorum present, heard an introductory presentation of committee staff, and then received a staff briefing from Azar Khan on Florida’s state tax structure and revenue outlook. The presentation covered fiscal year 2023-2024 revenues, noting more than $127 billion in total state revenue, with general revenue exceeding $48 billion and sales and use tax making up the largest share. It also compared Florida’s tax burden to other states, highlighted Florida’s low per-capita revenue ranking and strong business formation numbers, and reviewed major and minor revenue sources, tax rates, and the revenue estimating conference process. Members asked about what drives revenue growth, including population, tourism, construction, and auto sales, and about Florida’s regressivity, corporate income tax participation, and investment earnings on state balances. Khan said the state’s revenue picture remains positive and stable, but that future growth is slower than during the COVID-era spike; he also explained that some negative forecast changes were tied to legislative actions such as the insurance premium tax credit, while others reflected lower tobacco consumption and severance activity. He noted that revenue and spending forecasts are separate and that budget-side growth is driving concerns raised in other state economic projections. The committee also discussed possible tax package ideas for the upcoming session, including tax holidays and homeowner relief, but no specific proposals were acted on. The chair announced the committee would not meet the following week and that the next meeting would be in week three of February. The meeting concluded with no objections to a motion to adjourn.