In a new policy brief, we delve into the Senate-passed 2017-19 operating budget. Briefly:
- The Senate-passed operating budget would increase revenues by $1.581 billion in 2017–19.
- A new state property tax would supplant some local levies.
- The budget would transfer $196.5 million from other funds to the NGFS+ in 2017–19.
- NGFS+ maintenance level spending is $41.631 billion.
- Policy level spending would increase by a net of $1.683 billion.
- Policy spending for public schools would increase by $1.790 billion.
- The unrestricted ending fund balance would be $815 million.
- The budget would appropriate $700 million from the budget stabilization account (the rainy day fund) to make an early contribution to the Public Employees’ Retirement System (PERS) plan 1 unfunded liability.
- It would make significant changes to local public works funding.