Transcript Highlights:

• </c><04:03:36.560><c> Authority</c> New Hampshire Housing Finance Authority New Hampshire Housing Finance
• It goes to New Hampshire Housing Finance Authority. They put an RFP out.
• </c> Hampshire Housing Finance Authority. Hampshire Housing Finance Authority.
• They're in the business of finance. They're a lender. Correct.
• They're in the business of finance. They're a lender. Correct.

Committee: House Housing

Keywords: 1189, house, all

Transcript Highlights:

• The Department of Finance has notified us that they will not be joining us today, since they do not have
• Our school finance system has allowed significant differences in per-pupil funding to grow beyond what
• Our school finance system has allowed significant differences in per-pupil funding to grow beyond what
• The Department of Finance is not with us today, so we will bring it back to the committee.
• Thank you, Madam Chair, and I'm pretty sure I see the Department of Finance hiding over there, but I

Summary: The Senate Committee on Appropriations heard SCA 5, the Education Equalization Act, which would create an Equalization Reserve in the General Fund funded only in strong budget years with non-Prop 98 dollars. Senator Cortese and supporters argued it would provide a stable, ongoing stream of funding to reduce per-pupil disparities between basic-aid and non-basic-aid districts without reducing the Prop 98 minimum guarantee. Supporters included education foundation, school board, administrator, employee, and business representatives. Opponents, including the California Charter Schools Association, argued the measure unfairly excludes charter and county school students and could worsen inequities; some committee members also raised concerns about its fiscal effects and constitutional structure. The committee ultimately voted 4-0 to adopt SCA 5, with the measure kept on call for additional members. The committee then took up a series of Assembly bills, most of which were suspense-file candidates and were moved without objection after brief or waived presentations and no opposition testimony. AB 402, AB 708, AB 1080, AB 1126, AB 1235, AB 1555, AB 1641, ACA 7, AB 1672, AB 1943, AB 2565, and AB 2571 were all sent to suspense. AB 1204 drew testimony from school district leaders and coalition members who said it would worsen LCFF funding disparities by shifting future growth away from the base grant; the bill was opposed and moved to suspense. AB 1672 received support from CalPACE. The Department of Finance did not attend and had no comments on the measures. Finally, ACA 18 was presented as a constitutional amendment to double student voting seats on the UC Board of Regents, creating separate undergraduate and graduate student representation. The author and UC student witnesses said the change would strengthen student voice on issues such as tuition, housing, basic needs, and free speech, and would align UC with CSU and community college governance. There was no opposition testimony, but the committee treated ACA 18 as a suspense-file candidate and moved it to suspense without objection. The hearing then adjourned.

Transcript Highlights:

• It establishes the ADU dwelling unit financing and deed restriction program.
• uh building the Adu I mean I homeowner uh building the Adu I mean I can<01:00:21.119><c> um</c><01:00
• Lise Salivia, Department of Budget and Finance, with comments. Kamakana Kimu, Laa Upw, in support.
• Louis Salivaria, Department of Budget and Finance, with comments.
• </c><01:36:42.480><c> with</c> Department of budget and finance with Department of budget and finance

Committee: House Housing

Keywords: 910, house, all

Summary: The House Committee on Housing held a public hearing and moved quickly through a long agenda, beginning with HB 606 on the Department of Hawaiian Homelands. DHHL and several community testifiers strongly supported the bill, describing it as a way to fulfill long-standing promises to Native Hawaiians, reduce the DHHL waitlist, keep families in Hawaii, and support housing production and the broader economy. Testifiers emphasized the cultural and economic importance of stable housing and noted the large number of people still waiting for DHHL homes. The committee then heard HB 1086, also relating to DHHL, which would allow the department to use a $75 million appropriation from the dwelling unit revolving fund as collateral for loans. DHHL, HHFDC, and other supporters said the measure would help DHHL obtain better loan terms and preserve trust funds for other uses. Members asked detailed questions about how the collateral would work, whether other agencies use similar structures, and what would happen if the collateral were drawn upon; staff explained that the funds would be encumbered for the loan and that a similar model had been used for a HUD-backed project. The committee also heard HB 739, which would create the COM homes program to fund counties to buy voluntary deed restrictions from eligible homeowners or buyers. Supporters said the program could help keep local workers in Hawaii by using existing housing stock and cited examples from places like Aspen and Vail. The Attorney General’s office recommended amendments to remove duration requirements to avoid right-to-travel concerns, and the Tax Foundation suggested clarifying the conveyance tax exemption so it also covers the instrument imposing the restriction. Members asked whether tax dollars would be used to buy homes, who would be eligible, and how enforcement would work; supporters said the program is voluntary and income-blind, with restrictions tied to living and working in the state. No votes were taken during the hearing.

Transcript Highlights:

• That's Assembly Bill 2285 by Assembly Member Valencia to the Banking and Finance Committee.
• Today I rise to present AB 1957, which protects homeowners from losing their hard-earned equity during
• Today I rise to present AB 1957, which protects homeowners from losing their hard-earned equity during
• Assembly Bill 2526 by Assembly Member Marc Berman and act relating to education finance.
• Assembly Bill 1754 by Assembly Member Pacheco and others, an act relating to public finance.

Keywords: 988, house, all

Transcript Highlights:

• So I'm a finance guy, so I might be a little bit off my skis here.
• Madam Chair, Chris Hill, Department of Finance.
• JT Creighton, Department of Finance.
• Andrew March with the Department of Finance.
• I had a question to the Department of Finance.

Keywords: 988, house, all

Transcript Highlights:

• The bill was reported by the Committee on Finance Insurance and Consumer Protection with a committee
• The bill is reported by the Committee on Finance, Insurance, and Consumer Protection without amendment
• The bill is reported by the Committee on Finance, Insurance, and Consumer Protection with a committee
• The bill is reported by the Committee on Finance, Insurance, and Consumer Protection with a committee
• They are homeowners and renters and the people working two jobs to become one or the other.

Summary: The Senate convened with an invocation, the Pledge of Allegiance, and attendance showing a quorum. Several senators were excused, and the chamber received communications including House Concurrent Resolution 8, which was referred to the Committee on Government Operations. The Senate also took up introductions and referrals of several bills, including Senate Bills 1078-1082 and House Bills 4727, 4728, 4729, 4959, 1545, 5254, 5255, 6071, 6072, and 6073, with most being referred to committees or, for some medical-debt and consumer-protection bills, sent to the Committee of the Whole by suspension of the rules. In Committee of the Whole, the Senate considered Senate Bills 535, 536, 1011, 1041, 1042, and 1043. SB 535, 1041, 1042, and 1043 were amended, while SB 536 and 1011 were reported without amendment; all were recommended for passage. The Senate then concurred in the amendments and advanced the bills to third reading. On final passage, SB 433 passed 35-0; SB 535, 536, and 1011 each passed 35-0; and SB 1041, 1042, and 1043 each passed 20-15. Floor remarks focused on SB 1011 as a way to lower small-business health insurance premiums, and SBs 1041-1043 as anti-price-gouging measures during emergencies. Later, the Senate discharged Senate Bill 913 from the Appropriations Committee, suspended the rules, and moved it through Committee of the Whole and to final passage the same day. SB 913, which amends the Michigan Trust Fund Act, passed 20-12 with 6 excused after Senator Albert argued in opposition that it would continue $75 million annual funding to the MEDC and amount to corporate welfare. The Senate then adjourned until Tuesday, June 30 at 10:00 a.m.

Transcript Highlights:

• With the consent of the House, the bill will be substituted as recommended by the Finance Committee.
• With the consent of the House, the bill will be substituted as recommended by the Finance Committee.
• the consent of the House, the bill will be substituted as recommended in a third substitute by the Finance
• a consent of the House, the bill will be substituted as recommended on a third substitute by the Finance
• So that's being shifted over to homeowners, to farmers, to small businesses throughout.

Bills: HB2325 , HB2521 , HB2720 , HB1960 , HB2073 , HB2675 , HB2681

Keywords: tourism, tourism promotion, Washington Tourism Marketing Authority, assessment, self-supported assessment, visitor economy, destination marketing, statewide marketing, lodging, hotels, restaurants, travel services, attractions, recreation, retail, beverage producers, arts and culture, tribal nations, tribal businesses, rural communities

Transcript Highlights:

• With the consent of the House, the bill will be substituted as recommended by the Finance Committee.
• With the consent of the House, the bill will be substituted as recommended by the Finance Committee.
• the consent of the House, the bill will be substituted as recommended in a third substitute by the Finance
• a consent of the House, the bill will be substituted as recommended on a third substitute by the Finance
• So that's being shifted over to homeowners, to farmers, to small businesses throughout.

Bills: HB2325 , HB2521 , HB2720 , HB1960 , HB2073 , HB2675 , HB2681

Keywords: tourism, tourism promotion, Washington Tourism Marketing Authority, assessment, self-supported assessment, visitor economy, destination marketing, statewide marketing, lodging, hotels, restaurants, travel services, attractions, recreation, retail, beverage producers, arts and culture, tribal nations, tribal businesses, rural communities

Summary: The House convened, established a quorum, approved the previous day’s minutes, and heard a prayer and Pledge of Allegiance. The chamber also moved several bills through routine orders, including placing House Bill 273 on health carrier surpluses and House Bill 2681 on cannabis license fees on the second reading calendar, and welcoming guests and honored families to the gallery. The main floor action centered on three bills. Engrossed Second Substitute House Bill 2325, establishing a tourism self-support program, was amended with a technical clarification and passed 84-5. Supporters said the industry should fund a statewide tourism marketing effort to attract visitors year-round and compete with other states. Engrossed Third Substitute House Bill 1960, on renewable energy, was amended to address local tax treatment of wind, solar, and battery storage projects and passed 74-15; proponents said it would replace a shifting property-tax burden with a more stable excise tax so host communities receive lasting benefits. House Bill 2521, concerning firearms background checks, drew the most debate. Amendments to raise the fee cap and to set the fee at zero were both rejected, with opponents arguing the bill would burden constitutional rights and supporters saying the fee should cover the State Patrol’s costs. The bill then passed 53-36. House Bill 2675, the annual accounts bill, passed unanimously 89-0 after brief support from both parties. The House then adjourned until the next scheduled meeting.

Transcript Highlights:

• And Senator Davis said at Finance that our people with disabilities deserve not just support, but competent
• Action Plans would require these systems to then be removed by 2038 at the cost of taxpayers and homeowners
• SB 1510 does nothing to protect your average homeowner with a functioning septic tank.
• Instead of focusing on supporting teachers and students, they devote their time and finances to advancing
• Instead of focusing on supporting teachers and students, they devote their time and finances to advancing

Committee: Senate Fiscal Policy

Keywords: 999, senate, all

Transcript Highlights:

• So, I will finance committee to decide.
• </c><05:20:12.320><c> or</c><05:20:12.798><c> you</c> identify rental versus homeowner or you identify
• rental versus homeowner or you know<05:20:13.120><c> owned</c><05:20:13.520><c> properties</c><05:20
• It's a standalone system is a headache for the new homeowners 20, 30 years from now as it ages and has
• 20, 30 years from for the new homeowners 20, 30 years from now<05:29:24.878><c> as</c><05:29:25.120>

Committee: House Resources, Recreation and Development

Keywords: 1189, house, all

Transcript Highlights:

• It's an act to amend the Real Property Law in relation to establishing the homeowner protection program
• The bill is according to the Finance Committee.

Committee: Senate Judiciary

Keywords: 993, senate, all

Summary: The Judiciary Committee chair opened by emphasizing that the committee would consider bills from any member, regardless of party, so long as they would make the judiciary more streamlined, efficient, and accessible. The committee then took up Senate Print 410, which would change how judges review jury awards in employment discrimination cases. The sponsor argued the bill would curb consistently low awards and reduce pressure on plaintiffs to settle, while a member raised concerns about limiting judicial review. After discussion, the bill was moved and reported to the floor, with one member recorded without rights. The committee next advanced Senate Bill 548, authorizing the sale of a specific parcel of Forest Preserve land associated with Camp Gabriels Correctional Facility, and Senate Print 887A, a Surrogates’ Court filing bill, with a suggested amendment clarifying that initial filings may not yet have a file number. It also reported Senate Print 947, barring residential landlords from charging fees for rent payments made by ACH or online systems, and Senate Print 1142, extending the statute of limitations for employment discrimination actions. Other measures reported included the homeowner protection program bill (2627A), skier and snowboarder duties bill (3209), a constitutional amendment on voter qualifications allowing eligible 17-year-olds to vote in primaries if they will turn 18 by the general election (3231), and a bill increasing county court judges in certain jurisdictions (4836A), which was referred to Finance. Additional bills advanced were Senate Print 5089 creating a residential condominium owner bill of rights, Senate Print 5288 on the proper form of exhibits in civil practice, and Senate Print 9037 exempting senior citizens from jury service, with discussion noting the bill’s opt-in feature for seniors who wish to continue serving. Most measures were approved by voice vote with little or no opposition, and the meeting concluded after all listed bills were reported onward.

Transcript Highlights:

• and I'm Professor of Economics at UC Davis and former senior economist for international trade and finance
• The cost of insurance for many homeowners has risen rapidly in recent years, and at the same time some
• homeowners have found it increasingly difficult to obtain insurance at all.
• regulatory and policy landscape in insurance to ensure that those markets are functioning properly for homeowners
• that there's capacity issues at the local level in urban and rural areas to figure out how do you finance

Summary: The committee held an information hearing on California’s economy and household affordability, with the first panel focusing on inflation, housing, energy, wages, and the likely effects of new federal tariff policy. PPIC’s Sarah Bone said Californians remain deeply pessimistic about the economy, with inflation the main driver of concern; she noted prices are still about 23% higher than in January 2020, with especially large increases in food, energy, and housing costs. LAO’s Brian Euler emphasized that housing is the largest household expense and pointed to insurance, electricity, gasoline, and health care as other major cost pressures, urging the Legislature to review whether existing policies are actually reducing costs and to consider studies of why recent housing laws have not produced more units. UC Davis economist Catherine Russ warned that tariffs on China, Canada, Mexico, and potentially broader imports could raise consumer prices, disrupt supply chains, and hurt California exporters, farmers, and small businesses; she suggested monitoring prices, strengthening food assistance, and preparing transition support for affected workers and producers. Members pressed the panelists for concrete, near-term policy ideas, especially on housing and tariffs. Questions centered on whether accessory dwelling units are making a meaningful dent in affordability, how to improve implementation of pro-housing laws at the local level, and how to measure the impact of tariffs on consumers, health care, and agriculture. Panelists said ADUs help but are limited, that state laws can be undermined by local implementation and litigation, and that tariff effects may show up quickly in prices and later in hiring and investment. Several members stressed that the tariff issue is not a minor disruption for constituents and asked for more data on consumer impacts, food aid needs, and crop-specific farm losses. The second panel shifted to regional economic development and small business support. Go-Biz’s Derek Kirk described California Jobs First and the state economic blueprint as a first-in-decades, regionally informed strategy to create good-paying jobs, support key sectors, and align workforce and business development across 13 regions. The California Association for Local Economic Development’s Gerbach Sahota argued that local governments need practical tools, stable policy, and stronger partnerships with the state, while warning that prosperity is not always perceived as shared and that rural communities can be left behind. He urged the Legislature to use hearings, local input, and existing funding streams more effectively, including for recovery and infrastructure. David Fitzgerald of the Small Business Development Centers said California’s SBDC network serves hundreds of thousands of clients, many of them women and historically underrepresented entrepreneurs, and has generated billions in economic impact, capital access, revenue, and jobs. He said the biggest gaps are outreach to the state’s many self-employed businesses with no employees, better labor data on those workers, and more flexible support for direct services. Committee members then asked what small businesses need most in the face of inflation and tariff shocks, including lower licensing costs and other relief, and the discussion continued on how to better target state support to businesses and households under pressure.

Transcript Highlights:

• </c><00:31:55.279><c> associations</c> associations and homeowners associations associations and homeowners
• But what this bill does at its core is to add yet another circumstance under which a homeowner can make
• force against a homeowner or a third person.
• A person using deadly force against a homeowner or third person is armed.
• </c> finances the next power plant? finances the next power plant?

Keywords: 1189, house, all

Transcript Highlights:

• We're going to convene the Committee on Finance for our first agenda.
• </c><00:33:13.600><c> Development</c> white Housing Finance Development white Housing Finance Development
• It has also been used by homeowners.
• in for partial public financing.
• </c> in for partial public finding financing in for partial public finding financing the<04:25:27.199

Committee: House Finance

Keywords: 910, house, all

Transcript Highlights:

• I remember those discussions as discussed on the Senate Finance Committee.
• It sounds like good finance at first, but it seems like we don't know what's going on.
• Voters have tried to use alternative financing methods to fund projects rejected by the voters.
• However, expensive and excessive municipal permitting requirements are sometimes preventing homeowners
• Chair, Finance had my attention. Mr. President, but questions of the author? I yield. Thank you.

Bills: SJR37 , SJR57 , SB7 , SB8 , SB16 , SB108 , SB125 , SB207 , SB318 , SB371 , SB379 , SB396 , SB406 , SB503 , SB533 , SB565 , SB578 , SB599 , SB686 , SB689 , SB707 , SB763 , SB854 , SB857 , SB875 , SB878 , SB920 , SB924 , SB961 , SB965 , SB985 , SB988 , SB1021 , SB1024 , SB1026 , SB1038 , SB1059 , SB1185 , SB1202 , SB1207 , SB1252 , SB1330 , SB1396 , SB1484 , SB1527 , SB1535 , SB1596 , SB1619 , SB1697 , SB1737 , SB1741 , SB1841 , SJR36 , SJR12 , SJR57 , SJR37 , SCR22 , SCR12 , SB565 , SB765 , SB62 , SB666 , SB707 , SB888 , SB687 , SB847 , SB1248 , SB504 , SB857 , SB305 , SB296 , SB284 , SB1497 , SB1498 , SB241 , SB304 , SB621 , SB1023 , SB1024 , SB686 , SB371 , SB204 , SB609 , SB670 , SB850 , SB854 , SB413 , SB1346 , SB1033 , SB1220 , SB1073 , SB810 , SB1539 , SB447 , SB875 , SB406 , SB985 , SB965 , SB1119 , SB1505 , SB1215 , SB1302 , SB856 , SB583 , SB673 , SB681 , SB1172 , SB1252 , SB608 , SB955 , SB957 , SB988 , SB1021 , SB1120 , SB251 , SB541 , SB379 , SB1737 , SB266 , SB1415 , SB1527 , SB125 , SB599 , SB1330 , SB53 , SB1352 , SB785 , SB472 , SB1450 , SB1502 , SB1566 , SB414 , SB1062 , SB961 , SB1038 , SB578 , SB711 , SB746 , SB942 , SB1404 , SB1448 , SB1738 , SB108 , SB8 , SB318 , SB507 , SB533 , SB689 , SB1026 , SB1349 , SB1355 , SB1433 , SB1434 , SB1596 , SB1403 , SB763 , SB667 , SB1059 , SB617 , SB1567 , SB503 , SB16 , SB310 , SB311 , SB396 , SB505 , SB1209 , SB1210 , SB1470 , SB264 , SB924 , SB1029 , SB1185 , SB1202 , SB1358 , SB1364 , SB1569 , SB1697 , SB1376 , SB1228 , SB519 , SB878 , SB1350 , SB462 , SB1535 , SB827 , SB1585 , SB207 , SB1207 , SB1619 , SB1396 , SB920 , SB1484 , SB1273 , SB1741 , SB7 , SB927 , SB1227 , SB1229 , SB1353 , SB1366 , SB1464 , SB1709 , SB1729 , SB1733 , SB1744 , SB1772 , SB1816 , SB1841 , SB2188 , SB1147 , SB879 , SB1008 , SJR81 , SJR50 , SCR39 , SB1536 , SB2016 , SB1453 , SB1173 , SB1163 , SB996 , SB27 , SB568 , SB1370 , SB1321 , SB1101 , SB906 , SB860 , SB1563 , SB993 , SB693 , SB1610 , SB1537 , SB836 , SB1332 , SB1307 , SB963 , SB493 , SB922 , SB984 , SB1084 , SB619 , SB1098 , SB1122 , SB455 , SB522 , SB1057 , SB1239 , SB1254 , SB1255 , SB1259 , SB1341 , SB1664 , SB1877 , SB464 , SB1277 , SB32 , SB732 , SB660 , SB731 , SB921 , SB268 , SB1822 , SB1188 , SB1939 , SB1589 , SB397 , SB1388 , SB2230 , SB1058 , SB1036 , SB1267 , SB2112 , SB1930 , SB532 , SB1035 , SB2155 , SB508 , SB29 , SB292 , SB291 , SB901 , SB1333 , SB1436 , SB1494 , SB964 , SB779 , SB1378 , SB2312 , SB1719

Keywords: voter ID, citizenship, election integrity, constitutional amendment, voting rights, water infrastructure, financial assistance, Texas Water Development Board, water supply, environmental sustainability, immigration enforcement, ICE agreements, sheriff grants, law enforcement, county jail, federal immigration law, voter registration, proof of citizenship, Election Code, criminal offenses

Transcript Highlights:

• The Minnesota Senate Education Finance Committee will now come to order.
• </c> members of the Senate Education Finance members of the Senate Education Finance Committee.<00:52
• However, the finances are our school.
• Of course, this is a finance committee, so I'm going to ask a little bit about finance.
• </c><01:19:15.240><c> um</c> it on the on the education finance um it on the on the education finance

Committee: Senate Education Finance

Keywords: 1187, senate, all

Transcript Highlights:

• And so let me turn from that to the public finance impact, because that's, I think, one of the other
• Let me just close out by talking about the public finance impact.
• So this would have a significant public finance impact.
• The previous speaker... ...curtail the ability of our state to finance new investments.
• You issue bonds to finance investments in things like the life sciences.

Bills: H5006 , H5007

Committee: Joint Special Joint Committee on Initiative Petitions

Keywords: tax revenue, state surplus, taxpayer refunds, budget growth, Massachusetts General Laws, income tax, tax reduction, state law, personal income tax, tax rates

Summary: The Special Joint Committee on Initiative Petitions held a public hearing on two proposed ballot initiatives: one to reduce the state personal income tax rate from 5% to 4% over three years, and another to revise the state tax collection cap law (62F) so the cap would be based on the prior year’s actual collections plus wage-and-salary growth and would include surtax revenue. Committee chairs outlined the hearing process and noted that the measures would need additional signatures to qualify for the 2026 ballot if not enacted by the legislature. The committee’s expert witness, Doug Howgate of the Massachusetts Taxpayer Foundation, said the income tax proposal would lower the base rate in stages beginning in 2027 and would ultimately reduce state income tax collections by about $5.4 billion annually when fully implemented. He estimated savings would vary by income level, from a few hundred dollars for lower- and middle-income households to about $10,700 for taxpayers at the surtax threshold. He argued the proposal would improve tax competitiveness but would also require major budget adjustments, likely including reserve use, spending cuts, and possibly new revenue measures; he cited prior downturns and said the state’s rainy day fund is stronger than in past recessions, though spending growth and health care costs remain concerns. On the 62F proposal, he said rebasing the cap to prior-year collections would make refunds more likely, with modeled refunds totaling about $7.9 billion without the surtax and $10.1 billion with it over the last decade, and warned it could reduce stabilization fund deposits and constrain recovery after recessions. Proponents of both petitions, including representatives from Taxpayers for an Affordable Massachusetts, NFIB, Pioneer Institute, and the Mass Opportunity Alliance, argued that Massachusetts faces an affordability and competitiveness crisis and that lower taxes would help families, small businesses, job creation, and outmigration. They said the income tax cut would put about $1,300 a year back into the hands of average families, help pass-through businesses reinvest, and improve the state’s ability to compete with lower-tax states such as North Carolina. Their economist, Rebecca Paxton, presented a model projecting average annual revenue losses of about $680 million during the phase-in and a total net income tax revenue impact of $2 billion to $2.2 billion, while saying long-term revenue growth would be stronger after implementation. The hearing ended with committee questions and a brief dispute over a planned voter testimonial video, which the chairs said was not appropriate for the hearing at that point.

Transcript Highlights:

• So let me turn from that to the public finance impact, because that's, I think, one of the other key
• Let me just close out by talking about the public finance impact.
• So this would have a significant public finance impact.
• The previous speaker... ...curtail the ability of our state to finance new investments.
• You issue bonds to finance investments in things like the life sciences.

Bills: H5006 , H5007

Committee: Joint Special Joint Committee on Initiative Petitions

Keywords: tax revenue, state surplus, taxpayer refunds, budget growth, Massachusetts General Laws, income tax, tax reduction, state law, personal income tax, tax rates, 1212, all

Transcript Highlights:

• Homeowners are going to have to do that.
• James Moore with the Department of Finance.
• Andrew March, Department of Finance.
• Colby White, Department of Finance.
• I'm Chris O'Don, the Department of Finance.

Summary: The Assembly Budget Committee opened its hearing on the Governor’s 2026-27 budget with remarks emphasizing the start of a months-long process, the need for fiscal responsibility, and concerns about structural deficits, federal funding losses, housing and homelessness, and oversight. The vice chair echoed those concerns, warning against budgets built on short-term fixes and urging accountability. The Department of Finance presented a balanced budget year proposal of about $349 billion in total expenditures, including $248 billion General Fund, while acknowledging a structural imbalance in the out years and proposing a workload budget with limited new spending or cuts. Finance said the budget relies on stronger-than-expected revenues, but also on constitutional obligations such as Proposition 98 and Proposition 2, and on suspending a rainy-day fund true-up deposit to cover a projected $2.9 billion budget-year deficit. The administration highlighted higher education funding, climate and wildfire resilience investments, a new ZEV incentive, added Health and Human Services costs tied to H.R. 1, child care funding, and three tax proposals: third-party delivery tax compliance, a sustainable aviation fuel tax credit, and an extension of the California Competes tax credit. The LAO, by contrast, warned that the budget is “precariously balanced,” cited downside risk from stock market-driven revenues, and urged the Legislature to use reserves, avoid suspending rainy-day deposits, and begin shrinking multi-year deficits sooner rather than later. Member questions focused on wildfire mitigation and insurance, transit and GGRF funding, federal cuts affecting CalFresh and Medi-Cal, the proposed tax credits, homelessness accountability language, and education funding. Several members pressed for earlier partnership on deficit solutions and for more scrutiny of budget choices. The committee also discussed declining enrollment in K-12, community colleges, and CSU, with concerns about whether funding formulas are aligned with actual student demand. No formal votes or final actions were taken in the hearing.

Transcript Highlights:

• I'm here with the Department of Finance.
• Jennifer Louis with the Department of Finance.
• Nate Williams, Department of Finance.
• Teresa Calvert, Department of Finance.
• Shalina Norali with the Department of Finance.

Committee: House Budget

Keywords: 988, house, all