Treasury Collections Loom Big in Budget Picture

An unusual boost in a state revenue source could have an impact on negotiations leading to the anticipated passage of the next state budget next month. It’s called the Treasury Windfall. The term refers to a large multi-year jump in Treasury collections going to the General Fund. The state Independent Fiscal Office (IFO) projects that Treasury will send $780 million for Fiscal Year 2023-24. Treasury collections totaled $452 million in Fiscal Year 2022-23, a dramatic jump from $23 million in Fiscal Year 2021-22, according to the IFO. Treasury collections are projected at $600 million at this stage for Fiscal Year 2024-25. The entire state budget this year is in the $44 billion range to put this windfall in perspective. The $780 million anticipated in Treasury collections for this fiscal year is 26% of the cost of the two rival initiatives that appear at the heart of this year’s budget debate.

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