The Legislative Budget Board (LBB) met today to discuss setting the constitutional spending limit on certain appropriations for the 2016-17 biennium. The LBB considered 4 forecasts on the estimated growth rates during the hearing, which ranged from 11.68% to 15.71% on the 2014-15 base of $84.4 billion. Subsequently, the LBB approved a motion to adopt the lowest estimated rate of growth of 11.68% to a base amount of $84.4 billion which sets the limit of certain appropriations for the 84th Session at $94.3 billion, without concurrent resolution and subject to adjustments appropriated to the last biennium.
During the Nov. 15, 2012 LBB meeting, before the start of the 83rd Session, the rate that was adopted was 10.71% and applied to a base amount of $70.4 billion which set the limit for certain appropriations for the 83rd Session at $77.9 billion.
The Revenue Estimate from the Comptroller's office has yet to be released for the 84th Session. The estimate will be another part of the calculations for appropriations during the 84th since it will provide the amount the state can expect to have for general purpose spending.
Budget discussions will continue as the House Committee on Appropriations intends to meet on Dec. 4 to hear invited testimony regarding the State Spending Limit, overview of the Revenue Estimate, and budget drivers for the 84th Legislative Session.