The Joint Finance-Appropriations Committee, after hearing from five more germane committee chairs this morning, is preparing to set the state budget, and is starting with some overall decisions about how each agency budget bill will be crafted. The biggest: JFAC has voted unanimously to accept the revenue projection already approved by both Gov. Butch Otter and the Joint Economic Outlook & Revenue Projection Committee. That reflects a 5.5 percent growth in state general fund tax revenues next year to $3.12644 billion.

“All we’re really doing is voting on the bookends, if you will,” Senate Finance Chairman Dean Cameron, R-Rupert, explained to the joint committee members at an open work session prior to this morning’s meeting.   State tax revenues are actually running about $20 million ahead of forecasts right now for the current fiscal year, but there are some questions about timing and whether that will continue; April is the state’s biggest month for state general fund tax revenue, and will provide a better indication.

The panel also recommended the governor and EORAC-approved revenue projections for the current year, fiscal year 2015, of $2.964497 billion, a 5.3 percent increase over last year.

The result of the vote is that the revenue projection figure will serve as the target figure for the state budget as agency budgets are set; the joint committee could spend less, but won’t spend more.