June 22 Assembly Updates

Floor Report Budget

Visit this link for a new budget letter from the Department of Finance.  They are directing all agencies to prepare for deep cuts.  It applies to all funding sources, not just General Fund resources.

Key points of the letter:

This BL outlines additional measures all agencies and departments under the direct executive authority of the Governor must take immediately to reduce current year expenditures regardless of funding source.

As outlined in BL 20-08, the state anticipates significant economic impacts from the COVID-19 pandemic.  The severe drop in economic activity is expected to result in a recession, significant decreases in state revenues, and significant increases in safety net programs.  The revenue decrease is expected to be immediate, affecting fiscal year 2019-20.  Revenue decreases and cost increases are expected to last for several years.