HELENA — A Montana legislative committee reached a compromise Thursday on the state’s revenue estimate through June 2017.
The Revenue and Transportation Interim Committee made up of six Republicans and six Democrats met to make an official estimate of the state’s tax and investment income. It will be used as a basis for the state budget lawmakers will consider during the 2015 legislative session.
Democratic Gov. Steve Bullock’s budget office estimated total revenues at nearly $6.9 billion, which was $295 million more than the estimate by the nonpartisan Legislative Fiscal Division.
Lee Newspapers of Montana reports committee members voted 8-4 Thursday on a compromise that sets recommended spending of close to $6.6 billion, or $141 million more than the Legislative Fiscal Divisions numbers.
The compromise was reached by raising collection estimates from individual income taxes as well as taxes on oil and gas production. Republican Reps. Mike Miller of Helmville and Roy Hollandsworth of Brady joined the six Democrats to avoid a stalemate after several earlier motions failed.
The revenue estimate, which can be changed during the legislative session, predicts how much money will be available to spend during the session.
Committee chairwoman Sen. Christine Kauffmann of Helena said it’s important for all Montanans that the committee gets the estimate right.
“It is our hope that the two staffs continue to work together to identify a reasonable effort that accurately reflects our projected revenues for the next biennium,” Kauffman said. “Today is only a starting point.”
Earlier this week, Bullock announced the state saw record general fund revenue collections from July through September.