HB 1140 – House Proposed 2023-25 Operating Budget (updated March 31)

Bill brief
State Budgets 

• The current 2021-23 operating budget was enacted last March based on state NGF-O1 revenues of $61.7 billion in 2021-23 and $65.4 billion in 2023-25.
• Since then, revenue projections have increased by $2.4 billion in 2021-23 and $300 million in 2023-25.
• The state now expects to collect $65.7 billion in NGF-O taxes in 2023-25 and $70.4 billion in 2025-27.
• While tax collections have remained strong, growth is projected to be below average for the next two biennia.
• Based on updated revenue projections and caseload costs (i.e., maintenance level), the state has a four-year NGF-O “surplus” of about $6.65 billion.

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