The House and Senate are set to enact a Fiscal Year (FY) 2024 budget, totaling $56.2 billion. The conference committee report was filed on July 30th, one month after the start of the new fiscal year. This year, separate tax bill negotiations, the new income surtax, and an uncertain FY 2023 revenue picture imposed additional complications on the budget negotiation process.
The FY 2024 budget includes $804 million more in spending than the House, and $305 million more than the Senate budget. As MTF reported earlier this summer, the FY 2024 budget was the first in several years for which resources were not sufficient to support all of the shared and unique spending proposed by the House and Senate. To accommodate more spending than either earlier versions, the FY 2024 budget permits the administration to transfer $205 million from the Transitional Escrow Fund or the COVID-19 Response Fund into the General Fund.