Governor's Bill No. 5048 - Budget Adjustment Summary

• Amends appropriations for fiscal year 2024-2025 across General Fund, Special Transportation Fund, Banking Fund, Insurance Fund, and other special funds to implement Governor's budget recommendations

• Makes significant adjustments to agency allocations including increases for Department of Administrative Services IT services ($90.9M vs $56.8M), decreases in Department of Social Services programs, and reductions in education finance initiatives

• Allocates federal American Rescue Plan Act (ARPA) funds totaling hundreds of millions for housing, workforce development, education, healthcare, and various community programs through December 31, 2024

• Allows Secretary of Office of Policy and Management discretionary authority to reallocate unobligated ARPA funds after October 1, 2024 for affordable housing, homelessness, unemployment insurance, and other allowable uses

• Updates revenue estimates across all funds with adjusted personal income tax, sales tax, motor fuel tax, and other revenue projections for fiscal year 2024-2025