Transcript Highlights:

• may reflect uncertainty about inflation may reflect uncertainty about inflation or<00:09:34.959>
• In this forecast, the rate of inflation In this forecast, the rate of inflation is<00:10:25.519>
• They now project CPI inflation forecast.
• ,<00:18:49.360> forecast discretionary inflation, forecast discretionary inflation, forecast
• It would be $4.5 billion if we did not count discretionary inflation.

Keywords: 919, house, all

Summary: Minnesota Management and Budget Commissioner Aaron Campbell, State Economist Dr. Tony Becker, and State Budget Director Anna Mingi presented the November 2025 budget and economic forecast. Campbell said the state now projects a nearly $2.5 billion surplus at the end of the 2026-27 biennium, about $575 million better than the end-of-session estimate, but also a projected negative balance of about $2.9 billion in FY 2028-29, reflecting a worsening structural imbalance. He said the budget reserve stands at $3.4 billion, with cash flow and budget reserves totaling $3.8 billion after a $244 million addition, and emphasized that Minnesota’s AAA bond rating and reserve policy remain strengths even as future sessions will need to address the long-term gap. Becker said the national economic outlook has changed only modestly since February, but growth remains below trend through the forecast horizon. He cited slower consumer spending, weak private investment, continued tariff uncertainty, lower projected immigration, and modest inflation that stays near 3% through 2026 before easing. Revenue forecasts for the next biennium were revised up to $66.3 billion, driven mainly by higher individual income tax receipts and other revenue, partly offset by lower sales and corporate tax forecasts. He also noted risks from federal policy changes, the recent shutdown’s effect on data availability, and possible equity market volatility. Mingi said general fund spending is projected to rise sharply, with current biennium spending up $3.4 billion from end-of-session estimates and planning-year spending up $1.9 billion. She attributed much of the increase to carryforward from prior one-time appropriations, discretionary inflation, and especially Medical Assistance. MA costs are projected to be about $2.5 billion higher over 2025-29, largely because managed care rates rose more than expected due to higher utilization and higher-cost services, including pharmacy costs, while long-term care and disability waiver costs also increased. In response to questions, officials said the federal reconciliation bill had only a relatively small effect on the health care changes, and that the carryforward amounts reflect unspent prior appropriations that now show up in later years rather than new spending.

Transcript Highlights:

• And then I'd like to also point out um we've talked a little bit about inflation and since we are now
• in the biennium where the inflation was set aside for not saying that very uh eloquently but um on line
• 31 you can see that what um we do to adjust for that is we just subtract the inflation amount so that
• and since we are now in the inflation and since we are now in the bianium<00:05:16.320> where
• bianium where the inflation was set bianium where the inflation was set aside<00:05:18.160> for

Bills: HF601

Keywords: agriculture, depredation compensation, livestock, crop damage, elk, wolves, wildlife management, 1183, house

Transcript Highlights:

• These are not for inflation.
• Also, to help districts keep pace with inflation in the future, we're asking for an automatic inflation
• You've heard a lot about inflation today, and so I'll give you our inflation fact. from last time.
• On average, retirees are still behind inflation, but by 30%.
• Please also index the basic allotment to inflation.

Bills: HB2, HB2

Keywords: public education, teacher compensation, certification, funding, school finance, educator rights, education funding, charter schools, staff compensation, state aid, retention allotment, disaster preparedness, emergency management, flooding, mass fatality, mass casualty, fatality tracking, body recovery, autopsy, justice of the peace

Transcript Highlights:

• But the inflation crisis. The inflation shock that we felt during the pandemic was really severe.
• Inflation is rising at about 2.8. Prices are rising about 2.8 percent. That's as of February.
• The bad news is that after inflation, that feels like a 2.9% raise.
• So they made slightly better gains even after accounting for inflation.
• inflation and also tariffs on our current California.

Keywords: 988, house, all

Transcript Highlights:

• Adjusted for inflation, that $250,000 is equivalent to about $350,000 today, making this update both
• Adjusted for inflation, that $250,000 is equivalent to about $350,000.
• And ensures it keeps pace with inflation by tying it to the CPI.
• And to clarify also, even for goods as well as services, inflation is significantly impacting the cost
• These investments include the Inflation Reduction Act, and for sure.

Keywords: 988, house, all

Transcript Highlights:

• So you can see that in 2024, ...inflation over the last 10 years.
• Population plus inflation had increased only 52% in the last 10 years.
• So whatever the inflation rate is, we get no TRE, no calculations, no whatever; we get the inflation
• No matter what, we get the inflation rate in years when it's over 2.5%.
• For one thing, inflation, I mean, as we know, it's touching 3% now. And as Mr.

Bills: SB9

Keywords: property tax, ad valorem tax, voter-approval tax rate, no-new-revenue tax rate, tax rate calculation, Tax Code, local government finance, municipality, county, special taxing unit, sales and use tax, property tax cap, tax rollback, tax levy, maintenance and operations, debt rate, disaster relief rate, Texas Legislature, local taxing unit

Summary: The Senate Committee on Local Government met to hear Senate Bill 9, which would lower the voter-approval tax rate for certain local taxing units from 3.5% to 2.5%. Sen. Bettencourt, the bill author, argued the change would continue the state’s property tax reforms begun in 2019, slow local levy growth, and give voters more say over larger tax increases. He and supporters cited data showing property tax levies have grown faster than population plus inflation, and said the bill would help protect taxpayers while preserving the state’s broader investments in school tax relief, water, rural law enforcement, and ambulance funding. Supporters included the Texas Taxpayers and Research Association, the Texas Association of Business, the Texas Public Policy Foundation, and the Texas Association of Manufacturers. They said the bill would improve transparency, encourage more disciplined budgeting, and create certainty for homeowners and businesses. They argued that lower tax-rate growth would help attract and retain employers and investment, and that voters would still be able to approve higher rates when needed. Local officials and other opponents said the bill would constrain cities and counties facing rapid growth, inflation, infrastructure needs, and public safety costs. Testimony from county judges, city finance officials, firefighters, and urban county representatives emphasized pressures from jail operations, roads, water, EMS, police and fire staffing, and unfunded mandates. Several witnesses asked for carve-outs or exemptions for public safety and disaster-related costs, warning that a one-size-fits-all cap could force service cuts or shift costs elsewhere. The committee heard extensive questioning but no final vote or disposition on the bill was taken in the portion provided.

Transcript Highlights:

• And this slide is specific to the federal gas tax has just fallen just because of inflation and fuel
• efficiency gains. has just fallen just because of inflation and fuel efficiency gains.
• So for Oregon, we do not use inflation-resistant funding mechanisms.
• Yeah, and then it was indexed to whatever inflation the inflation rate is.
• Yeah, the highway use fee, since that's tied to the gas tax, is also indexed to inflation as well.

Summary: The Assembly Transportation Committee first took up three highway naming resolutions on its consent calendar: ACR 109, SCR 78, and SCR 90. The committee approved the consent calendar with 11 aye votes and no no votes, then adjourned the bill-hearing portion. Members also recognized committee science fellow AJ Mendeola for his service, noting his contributions to bill analysis and staff support. The committee then held an informational hearing on alternatives to the gas tax, focused on the projected decline in fuel-tax revenue and the need for a more sustainable transportation funding model. The chair and invited experts described how inflation, improved fuel efficiency, and growth in electric and other alternative-fuel vehicles are eroding gas-tax revenues. Presenters from the National Conference of State Legislatures and the University of California discussed state options such as higher or indexed gas taxes, EV registration fees, road usage charges, delivery fees, public EV charging fees, transportation network company fees, and managed lanes, emphasizing tradeoffs among revenue adequacy, fairness, administrative cost, and public acceptance. Committee members raised concerns that mileage-based fees or EV fees could function as new taxes on commuters and lower-income drivers, especially if the gas tax is not repealed. Presenters responded that road usage charges are generally intended as replacements for the gas tax, not additions, and argued that mileage-based systems better preserve the user-pays principle while being less tied to vehicle fuel efficiency. They also noted that flat EV registration fees are easy to administer but can be less equitable because they are not linked to actual road use. Officials from Hawaii, Utah, and Oregon described their state programs and policy choices. Hawaii said its new road usage charge began July 1, 2025, for EVs, offers a choice between a per-mile charge and a flat annual fee through 2028, and will transition to mandatory EV participation before expanding to all light-duty vehicles by 2033. Utah described its voluntary EV road usage charge program, quarterly reporting, privacy protections, and legislative scenarios for removing the cap or making participation mandatory. Oregon outlined its constitutional cost-responsibility framework and broader transportation funding challenges, including reliance on user fees and limited use of general-fund support.

Transcript Highlights:

• You have them on paper as well as on this slide deck—is inflation.
• Inflation is rising at about 2.8%; that's as of February.
• The bad news is that after inflation, that feels like a 2.9% raise.
• So they made slightly better gains even after accounting for inflation.
• And I also just want to thank you for the great overview on inflation, the impacts both of inflation

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:

• They were crushed by that inflation They were crushed by that inflation period.<00:49:02.760>
• <00:53:12.440> since significant spike in inflation since significant spike in inflation since
• tank is feeling the effects of inflation tank is feeling the effects of inflation this<00:53:27.960
• <00:54:17.800> It inflation rate of 2 and 1/2%. It inflation rate of 2 and 1/2%.
• , inflation, inflation, especially<00:58:02.560> because<00:58:02.920> these<00:58:03.120

Keywords: 918, senate, all

Summary: The committee first approved the April 14, 2026 meeting minutes without objection. It then took up Senate File 4860 / House File 4812, the St. Paul Teachers Retirement Fund Association bill, which would reduce the employee contribution rate for coordinated members from 9% to 8% starting after June 30, 2026, raise the retiree COLA from 1% to 1.5% beginning January 1, 2027, and increase the state-funded employer contribution by 2.7%. Staff said the bill’s cost is just over $12 million per year over 15 years. Representative Lilly said the bill was intended to bring parity to St. Paul teachers after prior work in this area left some behind. Several St. Paul teachers testified in support, describing financial strain, burnout, and the difficulty of balancing teaching with family responsibilities. Hannah Geimer said the 1% contribution change would make a meaningful difference in her budget as a single parent. Eric Erickson said he and his wife have spent decades working extra hours and coaching, and argued that St. Paul educators pay more and receive less in retirement than other teachers. Arzoo Faroozan Yazdani, a Central High teacher, said the higher contribution rate and lower COLA make it hard to stay in the district and raise a family. Lisa Hodek said teachers are undercompensated for the demands of the job and that the pension disparity has created frustration and a sense of betrayal. Phil Tensic, the SPTRFA director, summarized the request as seeking an 8% contribution and 1.5% COLA to match TRA, and noted that the plan’s members are spread across legislative districts, not just in St. Paul. Members discussed the history behind the pension disparity. Senator Nelson questioned whether “parity” was the right term given the plan’s funding problems and the legacy of the “big red box,” referring to past underfunding. Tensic and Senator Pappas explained that the state had previously allowed St. Paul schools not to contribute for a period of years, that supplemental district and state aid began in 2018, and that the plan is projected to be amortized by 2039 and must be paid off by 2048. Members also noted that the bill and related pension proposals depend on available funding; Representative O’Driscoll and others said no final financing agreement had been reached, though leadership was continuing discussions. The committee received letters of support from Education Minnesota, the St. Paul Federation of Educators, and 40 individual supporters. No final vote on the bill was taken in the portion of the meeting provided.

Transcript Highlights:

• medical charges that subsequently result in inflated verdicts that we are all paying for in insurance
• But is the center of your concern about addressing these inflated medical charges?
• The inflated medical charges? Yes.
• of medical charges, which subsequently leads to inflated verdicts, which, of course, are paid for by
• And then subsequently, the overall inflation of the judgment slash verdict awarded by the jury.

Bills: SB1540, SB2225, SB2284, SB2382, SB2487, SB2514, SB2595, SB2876, SB2877, SB3031, SB2753, HB45

Keywords: election officials, confidentiality, personal information, government transparency, public safety, spirit beverages, alcoholic beverages, Texas Alcoholic Beverage Code, distribution, taxation, firearms, local regulation, archery equipment, weapons, voter registration, statewide list, county requirements, election integrity, computer services contracts, mental health

Transcript Highlights:

• medical charges that subsequently lead to inflated verdicts that we are all paying for in insurance
• The inflated medical charges? Yes.
• leads to inflated verdicts, which, of course, are paid for by insurance companies often.
• , which again subsequently leads to the overall inflation of the medical damages portion of the case,
• and then subsequently the overall inflation of the judgment, slash verdict, or award of the jury.

Bills: SB1540, SB2225, SB2284, SB2382, SB2487, SB2514, SB2595, SB2876, SB2877, SB3031, SB2753

Keywords: election officials, confidentiality, personal information, government transparency, public safety, spirit beverages, alcoholic beverages, Texas Alcoholic Beverage Code, distribution, taxation, firearms, local regulation, archery equipment, weapons, voter registration, statewide list, county requirements, election integrity, computer services contracts, mental health

Summary: The Senate Committee on State Affairs heard Senate Bill 3031, which would expand aggravated assault to cover certain road-rage shootings involving a person in or traveling to or from a motor vehicle, when a firearm is discharged and causes injury, property damage, or fear of serious bodily injury. Senator Schwertner laid out the bill for the author, described it as closing a gap in the law, and there was no public testimony; the bill was left pending. The committee then heard Senate Bill 2514, a measure by Chairman Hughes aimed at creating a DPS unit to identify, investigate, and monitor hostile foreign influence operations and to require ethics training for state employees. Supportive invited testimony from Dr. Jacqueline Deal, Ambassador Kelly Curry, and Michael Lucci emphasized threats from the Chinese Communist Party, transnational repression, cyber intrusion, and state-level influence efforts, and argued Texas should take a leading role. Public testimony included opposition from speakers who raised concerns about free speech, privacy, and potential overbreadth. The bill was left pending after testimony closed. Finally, the committee took up Senate Bill 30 as pending business and discussed a committee substitute. Senator Schwertner explained that the substitute would limit admissible medical expense evidence to amounts paid or up to 300% of Medicare, clarify treatment of provider testimony and attorney-referred providers, remove a requirement that plaintiffs use available health insurance to mitigate damages, strike a unanimous-verdict requirement for non-economic damages, and delete a remittitur provision. Senators questioned the impact on sexual assault and child abuse survivors, the use of Medicare as a benchmark, and whether the bill would still allow fair compensation. After discussion, SB 30 was left pending and the committee recessed subject to the call of the chair.

Transcript Highlights:

• And my concern is actually how it relates to inflation.
• And if you have a situation where inflation is increasing and you make money too easy, inflation can
• So ideally, inflation Is at 2. That's the ideal inflation.
• Inflation, moving it up and down, trying to maintain that.
• And that's when inflation runs away, is when money's almost free.

Keywords: 996, all

Transcript Highlights:

• There's been a ton of inflation the past four years, let alone the past 40 years.
• There's been a ton of inflation the past four years, let alone the past 40 years.
• There's been a ton of inflation the past four years, let alone the past 40 years.
• There's been a ton of inflation the past four years, let alone the past 40 years.
• Pac-Man there's been a ton of inflation Pac-Man there's been a ton of inflation the<00:14:05.800

Keywords: Meeting Start 00:00:00 Attendance Roll Call 00:00:19 Auditor of Public Accounts 00:01:07 Office of Secretary of State 00:10:22 Kentucky State Treasury 00:17:51 Office of Attorney General 00:28:50, 958, all

Summary: The Budget Review Subcommittee on General Government met for its first meeting and heard budget-related presentations from the Auditor of Public Accounts and the Secretary of State, with the Treasurer beginning a presentation at the end of the transcript. Auditor Allison Ball reviewed her office’s 2024 and early 2025 work, including hundreds of county and state audits, several special examinations, and ongoing reviews such as the kinship care funding issue, the Kentucky Department of Education audit, and the Jefferson County Public Schools audit. She said her office is focused on waste, fraud, abuse, and legal compliance, and asked the committee to consider future budget changes, including aligning her appropriation with restricted funding and restoring a stronger performance-audit function. She also highlighted audits that exposed serious problems, including the Department of Juvenile Justice review, and said those reports are intended to serve as models for other entities to avoid similar failures. Secretary of State Michael Adams said his office is self-sustaining through fees and does not need tax dollars, but asked for greater access to its own revenues and more flexibility in using them. He highlighted the Safe at Home address confidentiality program, saying recent changes expanded protections for survivors of domestic violence, sexual assault, and human trafficking, and that the program has grown rapidly while remaining funded by offender fines. Adams also urged lawmakers to again adjust county election funding for inflation, noting the current per-voter and per-precinct amounts were set decades ago. In questioning, Representative Hart asked whether the Safe at Home program was self-funding; Adams replied that it covers only about 10% of its operating cost and said the best solution would be to let the office use more of the revenue it already collects rather than rely on tax dollars. Treasurer Martin Medcafe, introduced with staff member Russell Weber, praised the General Assembly’s fiscal discipline and described the Treasury’s work in managing state funds. He reported strong results from the Unclaimed Property Fund, saying the office returned $35.5 million to Kentuckians in its first year and $3.8 million in the first month of the current year, and said the State Investments Commission generated $682 million in returns last year. He also highlighted financial literacy efforts through the Kentucky Financial Empowerment Commission and said the Treasury is helping manage opioid settlement funds, which are now earning up to $200,000 per month through investment. No votes or formal actions were taken in the portion of the meeting provided.

Transcript Highlights:

• But about inflation. Mm-hmm.
• Does it catch you up to inflation from 2019? Are you getting enough to account for inflation?
• in order to run your schools properly in view of inflation over the last five years. Mr.
• Address inflation from 2019. I think it's definitely higher than 220.
• , will this bill still lead to inflation?

Bills: HB2, HB2

Keywords: public education, teacher compensation, certification, funding, school finance, educator rights, education funding, charter schools, staff compensation, state aid, retention allotment, disaster preparedness, emergency management, flooding, mass fatality, mass casualty, fatality tracking, body recovery, autopsy, justice of the peace

Transcript Highlights:

• Because of the Inflation Reduction Act, there have been some changes over the last couple of years in
• Before the Inflation Reduction Act, the federal government subsidized Medicare drug coverage through
• And eventually the catastrophic became so large that that's why the inflation reduction, that's part
• of why the Inflation Reduction Act changed the benefit design.
• Obviously, some significant changes in the structure through the Inflation Reduction Act.

Summary: The committee received an update from Grant Wallace on the rebid and possible decoupling of the state’s Medicare Advantage retiree coverage. He said the state is exploring splitting medical and pharmacy benefits for post-65 retirees, with UnitedHealthcare as the incumbent vendor, and that preliminary estimates suggested savings of about $100 to $200 per participant per month. He outlined the expected timeline for final CMS rate announcements in April 2026, with contract amendments likely to come before the committee in May or June after review by the EBD Advisory Commission and State Board of Finance. Representatives from Segal Consulting then reviewed the history and current structure of the Medicare Advantage prescription drug plan, explaining that the plan was adopted after a 2021 recommendation and launched in 2023 alongside the existing Med-Sup option. They said the Medicare Advantage option has produced substantial savings, including a lower monthly rate than the Med-Sup plan and about $40 million in savings from initial enrollment, while also restoring pharmacy benefits for some retirees. The presenters then explained recent federal changes under the Inflation Reduction Act, including major changes to Part D funding, the direct subsidy, and risk-score methodology, which they said have made risk adjustment much more important and are driving interest in separating medical and pharmacy contracts. In response to questions from senators, the presenters said the Medicare Advantage plan covers post-65 teacher and state employee retirees, including retirees from state agencies and K-12 public schools. They also explained that the new Part D structure has reduced out-of-pocket costs for members, with a $2,000 annual cap and lower average member spending to reach it, while shifting more cost to the plan. No votes were taken and no formal action was reported; the committee simply received the update and was told to expect further information after the April rate notice. The meeting adjourned with the committee scheduled to return on May 13.

Transcript Highlights:

• Arrington: I remind my colleagues their failed economic policies put a 20% inflation, regressive inflation
• ARRINGTON: I REMIND MY COLLEAGUES THEIR FAILED ECONOMIC POLICIES PUT A 20% INFLATION REGRESSIVE INFLATION
• Years of inflation have taken a bite; groceries, gas, and housing all cost more.
• Years of inflation have taken a bite; groceries, gas, and housing all cost more.
• Inflation is out of control. Insurance rates remain stubbornly high.

Keywords: U.S. House of Representatives Floor Proceedings on Wednesday, May 21, 2025, 1012, house, all

Transcript Highlights:

• The tariffs, the uncertainty is hard on businesses, but the tariffs are likely to cause inflation and
• and slow down the cause inflation and slow down the economy<00:04:51.600> at<00:04:51.840>
• , which we're not going to cut things so that we can inflate them later.
• , which we're not going to cut things so that we can inflate them later.
• , which we're not going to cut things so that we can inflate them later.

Keywords: 1187, senate, all

Transcript Highlights:

• by what was euphemistically called the Inflation Reduction Act, but it was actually the inflation acceleration
• that we are the most of the inflation that we are currently<00:34:47.159> seeing<00:34:47.879
• euphemistically called the inflation euphemistically called the inflation reduction<00:34:52.320
• and that has contributed to inflation and that has contributed to inflation contributed<00:35:39.520
• I really think we need to be focused in this committee on what drives growth, not what drives inflation

Bills: HF4, HF173

Keywords: tax relief fund, budget surplus, surplus revenue, tax rebate, tax refund, one-time refund, income tax, property tax, constitutional amendment, Minnesota Constitution, general fund, budget reserve, taxpayer relief, state surplus, fiscal forecast, wealthy taxpayers, high-income exclusion, 2026 ballot, referendum, surplus distribution

Transcript Highlights:

• rate to the product of population growth rate and inflation rate.
• Uh, inflation plus, um, population growth over the next few years and putting those limits in place is
• What, I know there's inflation, I know, but man, the, the, the costs are skyrocketing.
• All right, so there's really nothing, just the typical inflation, but I mean, it seems like the cities
• are seeing an amazing inflation, inflationary rate.

Transcript Highlights:

• You're going to hear me talk a lot about inflation today.
• The thing that I will point to and tell you why we're there is 100% inflation.
• We've seen inflation hit heavy highway construction like nothing else.
• sometimes there were there was a year where we hit almost20%. inflation in heavy highway in one year
• And now I'm told that this is going away, inflation and everything else.

Keywords: 914, all