May 17, 2022
With exactly one week left in the 2022 Legislative Session, Legislative leaders announced they have reached a deal on a framework of how to allocate they state’s historic surplus.
- 1/3 of surplus for tax cuts ($4 billion over next three years ($1.6 billion in FY 22-23, $2.4 billion FY 24-25)
- 1/3 for supplemental spending ($4 billion over next three years ($1.6 billion in FY 22-23, $2.4 billion in FY 24-25)
- 1/3 will be left in the budget reserves for 2023 budget session ($4 billion)
As for the specifics on how this agreement will look in the individual budget areas, a lot of those decisions will be left up to the Conference Committee Chairs, but Legislative leaders did provide these additional details:
- $1 billion for K-12 education over two biennia
- $1 billion for HHS over two biennia
- $450 million for Public Safety/Judiciary over two biennia
- $1.3 billion for other areas as agreed by leaders (this number will be where the Jobs Conference Committee gets its funding)
- $1.4 billion for bonding bill, $150 million in cash
Leaders hope some of the larger bills could be wrapped up by the middle of the week so those could be processed and ready to go to the House and Senate Floors before the weekend. Bills that don’t or can’t be agreed to by Conference Committees will be taken over by leadership to cut a deal before time runs out on the Session, a tactic we’ve seen used in the recent past.
Conference Committees Chair have been giving the green light to get things done where there is agreement and not to focus on issues where there is not. This likely means much of the policy pushed by either Chamber this year will be left for next year. The Jobs Conference Committee took public testimony yesterday and will begin addressing provisions in their bills that have similar this afternoon.
With this agreement in hand, it should be an action-packed ending to the 2022 Legislative Session, now we’ll see if they can indeed get everything finalized and voted on by the constitutionally mandated Sunday at midnight deadline.