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Last week we looked at highlights of the 2012 legislative session, through the policy eyes of the Legislative Council Service. This week it’s the money, thorough the eyes of the Legislative Finance Committee.
Planning spending means building the budget. The job starts with the spending expected in a given budget year, say, Fiscal Year 2012, which ends June 30. That base is matched against expected revenue for the following year, FY 13.
For FY 13, the money will come into the general fund, the state’s main font for spending, from sales taxes (43 percent), income taxes (individual and business), energy (16 percent), investments (16 percent) of the money from energy, and from “other” (four percent).
One of our unusual governmental traits is preparation of two budgets, one by the Legislative Finance Committee, the other by the governor. When the two recognize reality, the budget disagreements are modest, a nice change from the last few years of the Richardson administration.
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