Last night, the Joint Committee on Finance (JFC) voted along party lines to approve a 2021-23 transportation budget. Below is a preliminary analysis of the JFC motion
The JFC plan increases general purpose revenue (GPR) support for transportation. This action followed an announcement earlier in the day from the Legislative Fiscal Bureau (LFB) that general fund tax collections for fiscal years 2021 through 2023 are expected to be $4.4 billion above previous estimates.
The $205.7 million infusion of GPR includes:
- a one-time transfer of $147.1 million in the first year of the budget;
- $51.2 million from increasing the ongoing GPR transfer from .25% of general fund tax collections to .5% starting in the second year of the budget; and
- a $7.45 million increase in the current law general fund transfer due to the LFB revenue re-estimate.
Bonding levels continue to be historically low.