The Legislative Finance Committee met twice during June 2020 to discuss the impacts of COVID-19 on the state’s budget.
During the June 12 meeting, the Legislative Fiscal Division presented regular updates including the FY 2020 June Financial Report and the Medicaid monitoring report. The LFC heard new revenue estimates from staff that project a 13% decrease in revenues in FY 2021. However, staff indicated that FY 2022 may experience a rebound with projected revenues increasing 15% in FY 2022.
Committee members heard from Tom Livers, director of the Governor’s Office of Budget and Program planning, regarding the state budget. They also got an update from John Tubbs, director of the Department of Natural Resources & Conservation, on the St. Mary Canal drop structure failure.
The LFC heard from its subcommittees -- Information, Education, Pensions & Local Government Budget Interactions, and SB 310 & Personal Services -- regarding progress on their interim work. The Financial Modernization and Risk Analysis Study Committee also provided an update.
During the June 23 meeting, LFC invited Legislative Council, Legislative Audit and Revenue Interim committees to join for the monthly COVID-19 financial update and revenue estimate.
The LFC voted to send a letter to Montana’s congressional delegation urging the passage of bills to provide COVID-19 relief funding to states.
Video recordings of the meetings and associated reports can be found on the LFC webpage under the meeting dates: https://leg.mt.gov/committees/admincom/lfc/
The committee will next meet Aug. 11-12, 2020.
The Legislative News.