March 2, 2023

During budget negotiations there comes a point where each of the parties (Assembly, Senate, DoB on behalf of the Executive) estimate how much revenue the state will have to spend beyond what is required to cover the expense of the ‘base budget’ (all expenses associated with state operations, mandatory costs to keep the state running, etc.).
Earlier this week, we read that the Assembly and Senate had put out their numbers, and today we see there is a 3 way agreement or ‘revenue consensus’ as to how much additional money will be available over a two year period (SFY 23-24, SFY 24-25)

These numbers are very important as an indication of what could be made available to the Legislature as it works to add money to existing budget proposals (like the COLA), and to spend on projects they want/need for their districts, etc.  Getting an agreement on revenue is often contentious for obvious reasons.  In the past, these debates have dragged out the budget making process.

See Report linked here.
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According to the report, the Executive and Legislative Branches “reached consensus on a two-year revenue that is $800 million above” Executive estimates.