FY19 Surplus Spending Bill Passes - $20 Million Expected for CPA Trust Fund

As we reported last month, the legislature has been locked in a stalemate regarding the final spending bill for surplus FY19 state revenue, well beyond the original October 31st deadline. Because the House and Senate have been unable to agree on how to spend the FY19 surplus, the status of the $20 million in surplus dollars pending for CPA communities was still unknown. But after a midnight session last week, the House and Senate finally passed a $541 million surplus spending bill to close the books on the fiscal year.

What does this mean for the $20 million that was included in the state budget for CPA? When the Coalition contacted the state comptroller's office, they indicated that based on an initial overview of the bill, they believe the $20 million should be available. A final confirmation won't be issued by their office until they have finished analyzing the full bill and completed the state's FY19 financial filings, but contacts at the legislature have also said that they expect $20 million will be available for CPA.

Typically the state comptroller has been able to close the books and issue the Statutory Basis Financial Report (SBFR) approximately 10 days after the spending bill has been passed - this means that the final status of the surplus funds for CPA may be issued by Christmas Day. However, communities will likely not see the adjustment to their November 2019 state match until well into the new year. The Coalition will be closely following the situation as it develops.

Further Resources:

• "House, Senate Pass $541 Mil Spending Bill" - State House News Service