Next week the House Ways & Means Committee is scheduled to take action on the supplemental budget for the current fiscal year.

In December the Legislature convened a special session to remedy a portion of the budget gap in the current biennium.  The actions taken by policymakers reduced the estimated $1.2 billion shortfall by approximately $700 million. This left a remaining budget gap of approximately $502 million.

The actions next week will focus on closing the remaining budget gap in the current fiscal year.  This is part of an effort by both House and Senate leadership to expedite an early action supplemental budget reduction bill.

In comments earlier today, Senate Majority Leader Brown stated that though the goal is to attempt to close the revenue gap in this fiscal year, both chambers are also focused on ensuring that actions taken in the supplemental budget dovetail with the biennial budget the Legislature must have in place by June 30, 2011.

The hope is to finalize the supplemental buget by early February.