As required by law, the Governor released his FY24 budget proposal to the public and the Legislature on Dec. 15th, 2022. This proposal does does not increase overall spending, but it currently has a $200 million deficit which would be paid out of the Constitutional Budget Reserve (the state’s savings account). The 33rd Legislature will convene on January 17th and begin consideration of this budget.
The Legislature faces dual problems: The state is struggling with high inflation, fluctuating oil prices, and a long-term budget crisis that has drained the State's budget reserves and forced us to default on some of our liabilities.
The legislature will continue to work on finding a long term fiscal solution in the coming session. I encourage you to join me in following their process over the next few months.
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