HB 1140 – House Proposed 2023-25 Operating Budget (updated March 31)
Bill briefState 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.
Bill Numbers:
Keywords:
Abortion
Apple Health
B&O taxes
Behavioral health
Budget Stabilization Account (BSA)
Business and occupation tax
Child care
Climate Commitment Act
Covenant Homeownership Account
Diversity, Equity, and Inclusion (DEI)
Early Childhood Education and Assistance Program (ECEAP)
Encampments
Food assistance
General fund
Homelessness
Housing
K-12 education
Medicaid
Mental health
Operating budget
Property taxes
Public utility districts
Rainy day fund
Real estate taxes
Rental assistance
Sales and use taxes
Shadow reserve
State debt
State revenue
Tax collections
Trooper Recruitment Program
Trueblood
Undocumented
DOWNLOAD PDF