Transcript Highlights:

• categories and the status of those revenue categories.
• And this is reflected in the IIT revenue picture.
• As you can see, withholding... ...is reflected in the IIT revenue picture.
• In the dark blue bars are revenue, the white bars are spending.
• So you've got a huge pressure pulling down your sales tax revenues.

Summary: The Finance Advisory Committee met for its January session to review Arizona revenue and economic conditions ahead of the budget process. JLBC staff presented the January baseline, noting projected positive cash balances through FY 2029 and about $577 million to $578 million in discretionary capacity, but also highlighting major unfunded items not included in the baseline, including federal tax conformity costs, ongoing one-time spending for state employee health insurance and school facility repairs, and administrative costs tied to H.R. 1. Staff also reviewed revenue trends by category, saying FY26 general fund revenues were running above forecast overall, with strength in retail, restaurants and bars, and individual income tax payments, while contracting and utility-related collections were weaker or flat. They also compared JLBC and executive revenue assumptions and discussed the executive’s proposed revenue changes, including border reimbursement assumptions, sports betting tax changes, data center-related tax and fee proposals, and other non-general fund measures. A major topic was income tax conformity with recent federal tax law changes. Staff explained that current Department of Revenue forms assume “straight conformity,” but the governor’s proposal and vetoed SB 1106 do not fully match those forms, creating possible amendment and timing issues for taxpayers and the department if the legislature adopts a different policy. Members also discussed the difficulty of forecasting revenues amid volatile monthly collections and uncertainty over how much of the current revenue strength will persist in the second half of the fiscal year. Danny Court of Elliott Pollack gave a broader national and state economic outlook, arguing that the U.S. has avoided recession despite several warning indicators, largely because of AI and data center investment, while employment growth has softened and inflation remains above the Fed’s target. He said Arizona remains relatively resilient, with strong population and job pipelines, but faces housing affordability constraints, slowing employment growth, and a more concentrated population forecast in the Phoenix area. Panelists generally agreed that Arizona remains in better shape than many states, though they cautioned that job growth is slowing, population estimates may be revised, and budget and revenue forecasts should be treated carefully given uncertainty in the data. No votes or formal actions were taken.

Transcript Highlights:

• or coming from general revenue.
• Recurring general revenue is expected to be reduced by $16 million.
• It reduces the tax on slot machine revenues from 35% to 34%.
• And it reduces the gross receipts tax on card room revenues from 8% to 5%.
• It creates three new distributions for doc stamp tax revenues...

Transcript Highlights:

• , if that helps to clarify that situation. ...that would be calculated into the total cost of the project
• It's based on state revenue formula. Sure, I'm going to defer here.
• Chairman, committee, it's based on a state revenue formula that the State Tax Commission comes out of
• So based on whatever the state revenue is, we get a portion of that after everything else gets taken
• It's based on a total, once they figure out exactly what the total state revenues are.

Committee: House Education

Transcript Highlights:

• All the revenues come into my account. office.
• Of those revenues come to support the Small and Rural Hospital Relief Program.
• This was mostly due to declining tobacco tax revenue.
• One is a per unit measure that looks at the net patient revenue with a case mix adjustment.
• So did that factor into your calculations in choosing a company to make this decision?

Transcript Highlights:

• </c><00:29:28.240><c> are</c> going to know what those revenues are going to know what those revenues
• Is that the total revenue affected or the total revenue shifted? That's the 50% for the biennium.
• ><c> the</c><00:51:30.000><c> total</c><00:51:30.319><c> revenue</c> revenue affected or the total revenue
• revenue affected or the total revenue shifted?
• revenue revenue versus<02:02:25.119><c> 60.

Summary: The committee first revisited HB 781, the cell phone bill, after previously retaining it. On reconsideration, members moved to OTP the bill, and it passed unanimously. The committee then moved into the budget tracking packet and adopted an amendment to HB 2 to add the same cell phone policy language, also unanimously, and separately reduced HB 1 by $1 million to match the policy change. Members noted the cell phone language had already been stripped of grant funding language in the House version and that the policy and funding pieces were being aligned across the budget bills. The committee then took up a Department of Education technical amendment to HB 2 on charter school grants, which made timing and administrative changes without altering grant amounts, and adopted it unanimously. Members also discussed but held other education-related items, including adequacy grants, pending broader decisions on overall education funding. Another HB 2 item concerning E-911/state police radio communications prompted a longer discussion about whether E-911 surcharge funds were being used for purposes that should instead be general-funded. After debate over whether to leave the current practice in place or split the funding 50/50 between E-911 and general funds, the committee adopted a joint HB 1/HB 2 change to shift the funding source to a 50/50 split and delete the HB 2 language authorizing the prior use; the motion passed 7-0. The committee also discussed but did not act on several lottery-related provisions, including the video lottery terminal amendment, the increase in maximum ticket price from $30 to $50, and related tax split changes, with members planning to hear from the Lottery Commission on Monday. The meeting ended with the committee beginning review of new amendments in the tracking packet, including a Department of Education request related to Public School Infrastructure Commission grant administration, but no action was taken on that item in the portion provided.

Transcript Highlights:

• The eligible space for new construction is calculated by comparing the district's current space-wide
• Because this exclusion would reduce the amount of counted space compared to SCAP's calculation of the
• Because this exclusion would reduce the amount of counted space compared to SCAP's calculation of the
• As originally drafted, this bill would have backfilled any shortfall in federal revenues with additional
• After learning that... ...any shortfall in federal revenues with additional state funding.

Bills: HB2470 , HB2353 , HB2420 , HB2338

Committee: House Capital Budget

Keywords: HB2470, school construction assistance, capital budget, school facilities, on-base schools, military base schools, military installations, public school construction, school plant projects, state funding assistance, superintendent of public instruction, OSPI, school capital funding, instructional space, school district construction, alternative learning experience, ALE, free and reduced-price meals, special housing burden, district growth

Transcript Highlights:

• the Washington College Grant amount for private not-for-profit four-year institutions would be calculated
• The College Bound Award amount for private, not-for-profit, four-year institutions would be calculated
• This would have an indeterminate decrease on the potential revenue from penalties collected.
• But this would direct 80% of the revenues back to addressing low-income patients.
• But this would direct 80% of the revenues back to addressing low-income patients.

Summary: The committee heard public testimony on Substitute Senate Bill 5828, which would restore and adjust Washington College Grant and College Bound Scholarship award levels for students attending private, not-for-profit four-year institutions. Staff explained the bill would set the awards at 90 percent of the regional and state college rate rather than 50 percent of the research rate, with an estimated fiscal impact of $3.3 million in fiscal year 2027 and $18.6 million over four years. Testimony was largely in support from private college presidents, students, and school counselors, who said the bill would help low-income and first-generation students and preserve access and enrollment choices; some public college student representatives said they did not oppose the bill but argued that cuts to public-school aid should be restored first. The committee also heard Substitute Senate Bill 5911, which would prohibit DCYF from using benefits or funds of youth in extended foster care as reimbursement for their cost of care beginning in 2027, while requiring support for benefit management and payee arrangements and allowing protected accounts such as ABLE accounts. Staff estimated a net fiscal impact of $608,000 in fiscal year 2027 and $2.2 million per biennium thereafter. Testimony in support said the bill would end the practice of withholding SSI and other benefits from youth in care and better support disabled youth transitioning to adulthood. Members asked questions about fiduciary responsibility and representative payee arrangements. In executive session, the committee adopted amendments and advanced several bills. It adopted Amendment Clark 350 to House Bill 2689, raising the required provider response rate for the child care market rate survey to 65 percent, and then reported the bill out with a due pass recommendation by a vote of 18-11, with two excused. It adopted Amendment H-3743.1 to Engrossed Second Substitute Senate Bill 5395 on retrospective prior authorization denials and reported that bill out unanimously. It also adopted Amendment Pool 272 to Senate Bill 5420 and reported that bill out unanimously. For Engrossed Second Substitute Senate Bill 5496, the committee adopted several amendments clarifying scope and penalties but rejected amendments that would have delayed the bill or replaced it with a study; the bill was then reported out with a due pass recommendation. The committee also heard amendment briefings on other bills, including 5981, 6026, 6160, 6184, and 6211, but deferred action on some items heard that morning.

Transcript Highlights:

• </c> other than June the two biggest Revenue other than June the two biggest Revenue months<00:16:07.880
• </c><00:16:11.480><c> uh</c> better information as far as revenues uh better information as far as revenues
• information for General and education trust revenues.
• information for General and education trust revenues.
• information for General and education trust revenues.

Committee: Senate Finance

Transcript Highlights:

• of house household income calculation of house household income for<00:36:12.400><c> renters's</c><00
• </c><00:37:22.960><c> of</c> excluded from um the calculation of excluded from um the calculation of
• </c> there was an error in the revenue there was an error in the revenue estimate<00:38:04.480><c> that
• The department of revenue as possible.
• department of revenue had um assured<00:53:48.880><c> us</c><00:53:49.119><c> and</c><00:53:49.599><

Transcript Highlights:

• </c><00:48:09.480><c> generating</c> desperate for Revenue generating desperate for Revenue generating
• </c><00:48:35.040><c> through</c> are generating good Revenue through are generating good Revenue through
• Then that's a huge loss of revenue. I mean, you've signed a lease with a company for 30 years.
• </c> help the town generate um Revenue help the town generate um Revenue because<00:50:11.760><c> that
• </c> a time right now where um those revenues a time right now where um those revenues are<04:46:14.480

Committee: House Municipal and County Government

Transcript Highlights:

• :54.960><c> use</c><01:09:55.120><c> per</c> The calculation for water use per The calculation for water
• Um, so what happens if revenue property tax revenue is less than expected from the development?
• </c><01:21:35.520><c> in</c> do how do they project the revenue in do how do they project the revenue
• </c> right you've taken away now revenues right you've taken away now revenues that<02:13:17.840><c>
• </c><02:13:33.199><c> coming</c> either no property tax revenue coming either no property tax revenue

Bills: SB2190 , SB2338 , SB2424 , SB2356 , SB2981 , SB3028 , SB3187 , SB2378 , SB2398 , SB2192 , SB2155 , SB3219 , SB3218

Committee: House Housing

Summary: The House Housing Committee heard testimony on a series of housing-related Senate bills. SB 2190 SD2 on inclusionary zoning drew support from HHFDC, Hawaii YIMBY, Grassroot Institute, Housing Hawaii’s Future, and Hako Seed Center, with opposition from OHA and Aloha Independent Living Hawaii. SB 2338 SD1, dealing with housing agency personnel authority, received comments from the Attorney General cautioning that the bill should be clarified to avoid conflicts with civil service and collective bargaining laws and recommending removal of a provision limiting employment contracts; HHFDC said its comments addressed those concerns and supported the measure. SB 2424 SD1, concerning HHFDC, received broad support from housing, business, and community groups, with one opposition. Testimony focused on changing the definition of “qualified resident” so people who already own an HHFDC-assisted unit could later purchase another if their housing needs change; HHFDC said the current rule forces people to sell before buying again and that the bill would help people move up the housing ladder and encourage more housing development. SB 2356 on parking also drew broad support from state agencies, housing advocates, business groups, and local officials, with Unite Here Local 5 in opposition. SB 2981 on land use had strong support from many organizations and 67 individuals, with Unite Here Local 5 opposing. SB 3028 SD2 on property conveyance generated the most detailed policy debate. Supporters, including Catholic Charities Hawaii, Hawaii Children’s Action Network, Indivisible Hawaii, and others, backed restructuring the conveyance tax into a marginal rate system and urged changes to revenue allocations, including dedicated funding for homeless services, DHHL, and the rental housing revolving fund. The Tax Foundation of Hawaii supported the marginal-rate concept but opposed dedicated special-fund allocations and criticized the bill’s blank sections. Committee members questioned the historical purpose of the conveyance tax, and the Tax Foundation explained it was originally a modest tax tied to property-value tracking when the state still ran the property tax system. The committee also heard SB 3187 SD2 on off-site construction, SB 2378 SD2 on housing permitting, and SB 2398 SD2 on residential housing utilities. OPSD supported SB 3187 but said it preferred the House version and wanted clarification that off-site certification should apply to factories in Hawaii, not out of state, to avoid outsourcing labor; it also suggested starting with a small scope. SB 2378 SD2 drew support from engineering, housing, and labor groups, with testimony that the House version included needed fixes to make the program insurable. On SB 2398 SD2, the Board of Water Supply opposed the bill, saying it could require disclosure of sensitive infrastructure information beyond ordinary water-availability assessments and raise critical-infrastructure and cybersecurity concerns; developers and housing groups supported the measure. No votes or final actions were taken in the portion of the hearing provided.

Transcript Highlights:

• </c> and keeps it consistent for calculating and keeps it consistent for calculating the<00:10:14.720
• the impact on our region becomes more severe, shrinking our tax base, depressing local business revenues
• <c> business</c> our tax base, depressing local business our tax base, depressing local business revenues
• <c> and</c><00:15:29.440><c> pushing</c><00:15:29.760><c> more</c><00:15:30.000><c> families</c> revenues
• , and pushing more families revenues, and pushing more families toward<00:15:30.959><c> economic</c><

Bills: HF3393

Committee: House Workforce, Labor, and Economic Development Finance and Policy

Transcript Highlights:

• And so the punchline is that when the census food security data goes away, the calculations behind a
• And so the punchline is that when the census their calculations based on other county level data.
• And so the punchline is that when the census food security data goes away, the calculations behind a
• And they estimate about $600 million worth of taxable revenue that just left because of that.
• And they estimate about $600 million worth of taxable revenue that just left because of that.

Summary: The House Agriculture and Natural Resources Committee held a work session on food systems and food security, with no public testimony. The first panel focused on household food security and data. Marie Spiker of the University of Washington explained what food insecurity means, its health impacts, and the importance of reliable measurement, warning that the federal Census food security data is being terminated and that there is no true replacement. She described Washington’s WaFOOD surveys as a useful complement, not a substitute, and noted that they show food insecurity affects households at a range of income levels. Katie Raines of WSDA described the state’s food systems work, the need for shared data and dashboards, and the role of agriculture in both food production and the hunger safety net. Committee members asked about the $2.2 million state food assistance allocation, the scale of the SNAP gap, and how household size, housing costs, and other factors intersect with food insecurity. The committee then heard from Tracy Roof of the University of Richmond on the history of SNAP and its relationship to agriculture. She traced the program from Depression-era commodity distribution through the modern farm bill, emphasizing that food assistance has long functioned both as anti-hunger policy and as an agricultural and economic stabilizer. She highlighted how SNAP expands during recessions, supports retailers and farmers, and has become more important since the Great Recession because participation stayed high even as the economy recovered. Roof also noted that Washington has relatively high SNAP participation and low payment error rates, but that recent federal changes could reduce eligibility and shift more costs to states. Members asked how Washington compares to other states and why the program is structured as it is. A later panel featured the Washington State Food Policy Forum and a joint systems presentation from the Washington Farm Bureau, Washington Retail Association, and Washington Food Industry Association. The Food Policy Forum described its consensus-based recommendations on food insecurity, climate and water, regional food infrastructure, farmland protection, and farm viability, including more support for producer purchasing, water planning, and farmland conservation. The industry groups presented a systems map showing how agriculture, processing, retail, and transportation are interconnected, and argued that rising costs, regulations, labor and fuel expenses, retail theft, and thin margins make it harder to keep farms and stores viable. They said food security depends on store viability and local agricultural profitability, and promised to provide a more detailed list of policy recommendations. The final panel included state agency staff from DSHS, DOH, and WSDA. Bryce Montgomery said the Basic Food program serves about 920,000 Washingtonians monthly and warned that H.R. 1 could require Washington to pay up to 15% of SNAP benefits, broaden work requirements, and restrict immigrant eligibility. Karen Mullen described DOH nutrition programs, including WIC, farmers market nutrition benefits, fruit and vegetable incentives, and a fruit-and-vegetable prescription program, while noting funding instability and the end of SNAP-Ed. WSDA’s Katie Raines began describing ongoing food assistance and farmer support challenges, including farmer mental health and the need to address food insecurity across both producers and consumers.

Transcript Highlights:

• revenues are going down.
• </c> this wrong it looks like your revenues this wrong it looks like your revenues are<00:06:02.039><
• Is that gross revenue or net?
• Sure, it's actually gross revenue, but in some cases, like for scratch tickets, this is gross revenue
• revenue of more like 400?

Summary: The committee heard a budget presentation from New Hampshire Lottery Director Charlie McIntyre and CFO Jim Durus. McIntyre said the Lottery has more than tripled its return to the Education Trust Fund since 2011, from $62 million to $207 million in FY 24, while keeping expenses relatively flat over time. He explained that the Lottery operates like a business, is heavily audited, and that the governor’s budget raises the FY 26-27 revenue estimate to $185 million, up about $12 million annually from prior estimates. He attributed FY 24’s unusually strong results to record Powerball sales driven by a spike in billion-dollar jackpots tied to higher interest rates, and said scratch tickets still make up most gross sales, though Powerball is the highest-margin product. Members questioned the Lottery about the difference between gross revenue and profit, the steep rise in operating expenses, and the reasons for requested budget increases. McIntyre said the main drivers were payroll, benefits, advertising, added regulatory responsibilities from expanded gaming, and a new Salesforce customer-tracking system. He also described requested capital needs, including an outdated security system, building access and ADA improvements, and upgrades to the front office for employee safety. He said the security system is still running on an old Windows 7-based setup and that the requested upgrade would modernize cameras and add redundancy. The discussion also covered staffing and gaming expansion. McIntyre said the Lottery has 84 employees including three commissioners, with 13 funded vacancies, and that it plans to fill positions as two new gaming rooms come online in Rochester and Derry. He said the Lottery’s revenue estimates were revised upward because sports betting in Massachusetts had less impact than expected and historic horse racing machines have been more profitable than forecast. He also explained the governor’s proposal to shift historic horse racing toward slot-style machines, saying the physical machines would look largely the same but the content and math would change, and that the state’s revenue share would increase under the proposal. No votes were taken; the committee mainly asked questions and received explanations about the Lottery’s budget and revenue assumptions.

Transcript Highlights:

• It's supported by special revenue: criminal fees and damage settlements.
• K-8 is a Revenue Services Division Fund Appropriation Transfer Report.
• The state insurance adjuster calculated the cash value to be $1.82 million.
• , the other revenues that flow through our trust fund and funds, and then these two accounts, we will
• I'm just sitting here on the calculator.

Committee: All ALC-PEER

Summary: The committee considered a series of appropriation, fund transfer, and reserve requests across multiple agencies. Section B temporary appropriations included funding for state technology upgrades, personnel management staffing and IT skills assessment, court reporters and interpreters, crime victim claims, juvenile sex offender assessments, radiation lab testing, and higher education workforce grants and credentialing pathways. Additional items covered an ARPA grant for the University of Arkansas Fort Smith LPN program, an IIJA grant for the Oil and Gas Commission’s critical minerals work, a restricted reserve transfer for State Police vehicle purchases, a transfer to the Arkansas Heroes Program, and cash fund requests for the Real Estate Commission’s AV system and HVAC work. Most of these items were approved by voice vote. One budget classification transfer request from the Commissioner of State Lands drew extended questioning and was ultimately not approved. Members questioned the $250,000 transfer to operating expenses tied to the purchase of a West Little Rock office building, the ongoing lease costs at the prior location, and whether the agency had adequately planned for building-related expenses. After discussion, the motion failed, and members told the agency to tighten spending and return if needed. The committee then took up 15 pay plan appropriation requests totaling $25.7 million and approved them after discussion with DFA, DHS, Corrections, and the State Board of Election Commissioners. Members focused heavily on DHS staffing shortages at human development centers, where officials said vacancies and turnover were driven by overtime and burnout rather than pay alone; one member asked DHS to submit a written plan to address the issue. Corrections reported the pay plan had improved hiring and retention. The committee also approved overtime appropriations for Emergency Management and Military. Reports on reserve funds, the Budget Stabilization Trust Fund, tobacco settlement, State Central Services, Education Adequacy, Medicaid Trust, IIJA, and revenue transfer activity were received. The Medicaid Trust Fund report prompted significant concern about February’s $90 million draw; DHS said the month was unusually high because of cash-flow timing and that the fund should end the year with a balance between $150 million and $200 million, while lawmakers noted a second $100 million set-aside is planned for FY27. The final discussion centered on DHS’s state hospital damage claim and reconstruction funding, where members expressed disappointment that insurance reimbursement would likely return only about $1.8 million now and possibly about $97,000 more later, far less than the roughly $5 million initially expected. DHS explained the policy was based on actual cash value and depreciation for old buildings, and said the work would proceed on Unit 3 for secured restoration because it was the most cost-effective option.

Transcript Highlights:

• Revenues, which are royalty revenues, combined make up about 22% of the general fund.
• Revenue versus local revenue shows there was actually a shift lately.
• Revenue. So it's not as simple of a calculation.
• revenue issue.
• Return on revenue is just state revenues.

Committee: House Revenue Stabilization & Tax Policy Committee

Transcript Highlights:

• And I don't know if we have the calculation, how the calculation is done, and that might be a really
• The cap calculations last year, The cap calculations last year was the first year, as you know.
• The property tax relief calculation comes from two numbers.
• Okay, so this is our main tax statement calculation menu.
• And then we have three calculated tax values. And then four rolls all. Calculate the tax values.

Summary: The subcommittee of the Tax Reform and Relief Committee met to begin its study of the feasibility and desirability of revising the content of the real estate tax statement to improve property tax transparency. Legislative Council staff reviewed the study directive under House Bill 1176 and the statutory requirements for tax statements, including required line items such as true and full value, mill levy, legislative tax relief, primary residence credit, and the Legacy Fund portion of that credit. The Tax Department then explained how the current uniform statement is prescribed and approved, and noted that changes are typically driven by statute and implemented collaboratively with counties and vendors. County officials from the North Dakota Association of Counties described the full annual tax cycle, from county budgeting and valuation notices to budget hearing notices, levy certification, cap calculations, and final tax statement mailing. They emphasized that counties and auditors do extensive coordination with taxing districts and neighboring counties, and that the process is labor-intensive and often manual. Members discussed the limited public response to budget notices and tax statements, the difficulty of explaining the legislative tax relief line, the 3% cap and valuation issues, and whether more frequent assessments or different timing would improve understanding. Several members and witnesses noted that many taxpayers only engage when they receive their final bill, and that clarity may be more important than adding more detail. NDACO also presented a rough cost survey from eight counties, estimating an average tax statement cost of about 74 cents and a statewide total near $600,000 for printing and mailing tax statements alone, with outsourcing generally cheaper than in-house printing. Witnesses noted that House Bill 1176 added other mailings and notices, increasing county workload and cost beyond the statement itself. The committee then heard from software vendors, who explained how their systems handle tax billing, budget notices, valuation notices, primary residence credit processing, and tax levy calculations, and they identified the 1600/1685 primary residence credit and discount interaction as a current programming challenge. No votes were taken; the meeting was informational and focused on gathering testimony and identifying issues for possible future recommendations or bill drafts.

Transcript Highlights:

• So why are California's revenues volatile? So why are California's revenues volatile?
• up most of General Fund revenues.
• That’s revenue volatility.
• So you save them when revenues are surging, and then they’re available for when revenues have declined
• That’s revenue volatility.

Summary: The Senate Budget and Fiscal Review Committee held an informational hearing on California’s Budget Stabilization Account, or Rainy Day Fund, with opening remarks focused on the state’s long history of revenue volatility and the role reserves play in smoothing downturns. The Legislative Analyst’s Office explained that California’s personal income tax base is highly volatile because high-income earners’ income is tied to capital gains and other fluctuating sources, and that Proposition 2’s current reserve rules set aside 1.5% of General Fund revenues plus a share of excess capital gains, but cap constitutional deposits at 10% of General Fund taxes. The LAO said its analysis evaluates reserve policy over decades and found the current system would cover about 30% of funding shortfalls in a 90th-percentile downturn scenario over 50 years, which is an improvement over no reserve but still inadequate. The LAO recommended raising the reserve cap substantially, ultimately to 50% by 2055, with an immediate increase to 20% and gradual increases thereafter. It also suggested either replacing Proposition 2’s deposit formulas with broader rules that capture volatility across all tax revenues or, alternatively, depositing all excess capital gains rather than only a share. The Department of Finance said the Governor’s prior proposal similarly sought to raise the cap from 10% to 20% and exclude reserve deposits and withdrawals from the state appropriations limit, arguing those two constraints limited the state’s ability to save during recent revenue surges. Other panelists and members discussed whether reserves should be paired with broader structural changes, including unemployment insurance reform, safety-net funding, infrastructure reserves, and the projected surplus temporary holding account. The California Budget and Policy Center supported reserve reform but emphasized balancing savings with current needs and noted other tools such as revenue increases, borrowing from special funds, and the new surplus-holding account. Members debated the causes and effects of Proposition 13, the appropriations limit, business departures, and whether reserve policy should be more directly tied to protecting Californians’ access to health care, food assistance, child care, and other core services. No votes or formal actions were taken, as the hearing was informational only.

Transcript Highlights:

• So why are California's revenues volatile? So why are California's revenues volatile?
• up most of General Fund revenues.
• That's that revenue volatility.
• So you save them when revenues are surging, and then they're available for when revenues have declined
• Revenues are surging, and then they're available for when revenues have declined.

Committee: Senate Budget and Fiscal Review

Transcript Highlights:

• We've been here before as the Chair for House Taxation and Revenue.
• Speaker and gentlemen, sorry, I had my calculator out. Can you repeat your question, please?
• Again, I stand by the math, and I stand by the totals and the calculations.
• House Taxation and Revenue Committee substitute for House Bill 450 with an emergency clause.
• Speaker, gentlemen, I apologize that I couldn't follow all of those calculations.