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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | April 12, 2024 10:08 AM |
|---|---|
| From: | Representative Seth M. Grove |
| To: | All House members |
| Subject: | 7-Year Financial Statements of Special Funds |
| If you page through the massive 840-page Fiscal Year 2024-25 proposed Executive Budget, you will notice that the budget materials include seven (7)- year financial statements for only three funds: the General Fund, the Motor License Fund, and the Lottery Fund. There are over 150 special funds that contribute to the Commonwealth’s annual budgeting process. Special Funds can vary based on revenue receipts and purpose. Some are funds that provide government functions, while others can be transfers from other funds and lastly, some special funds hold assets of the Commonwealth as a trustee. The day-to-day spending usually comes out of the General Fund; however, over time special funds have been created to specifically fund government programs or policy agendas. Securing funding in this manner has added a significant layer of complexity to the Commonwealth’s budgeting process. In order to have a thorough understanding of the Commonwealth’s financial standing, I intend to introduce legislation that will require full transparency of the Executive branch, requiring 7-Year financial statements for all Commonwealth special funds to be represented in the annual Governor’s Executive Budget proposals and materials. Please join me in co-sponsoring this legislation. |