JFAC makes transfers from reserves

Now that most state agency budgets have been set by the Joint Finance-Appropriations Committee, the committee has gone through a series of unanimous votes on transfers from various funds necessary to balance the state’s budget, both this year and next year. “We have to have a balanced budget by the constitution, and this is just one step in going that direction,” said Rep. Darrell Bolz, R-Caldwell, JFAC co-chair. The result of all those moves: The budget stabilization fund would be down to just $40 by the end of fiscal year 2011, while the Public Education Stabilization Fund still would have its current balance, $17.9 million, and the Economic Recovery Reserve Fund would be drawn down to just under $1 million. Not touched by the move is any Millenium Fund money; about $71 million remains there as a hedge against possible future drops in the federal Medicaid match.

“We took a lot of money out of our savings accounts, and thank goodness we had them,” said Sen. Dean Mortimer, R-Idaho Falls. “So our savings accounts are pretty much gone. We have done everything we can,” he said, to create “the least amount of impact that we can” on public education. Responded JFAC Co-Chair Maxine Bell, R-Jerome, “That was the reason for our savings accounts. We hope that the time comes when the revenue stream is there so that we can fill those savings accounts again.”

The one state agency budget still not set is the Department of Administration. Senate Finance Chairman Dean Cameron, R-Rupert, said the joint committee likely would take that up “next week or the first of the following week.” Now, for the first time in months, the joint committee won’t meet on Monday morning.