House Bill No. 5049, also known as File No. 553, is a financial bill that proposes adjustments to the state budget for the fiscal year ending June 30, 2024. The bill includes additional appropriations from the General Fund totaling $231,222,727, which are designated for various departments including the Department of Mental Health and Addiction Services, Department of Social Services for Medicaid, Department of Correction, and State Comptroller for fringe benefits. Additionally, the bill allocates $3,500,000 from the Special Transportation Fund to the Department of Administrative Services. These insertions are intended to address specific funding needs within these departments.

Conversely, the bill also mandates reductions in appropriations, resulting in a decrease of funds for certain agencies and programs. These reductions, amounting to $178,222,727, impact multiple funds such as the General Fund, Special Transportation Fund, Banking Fund, Insurance Fund, Consumer Counsel and Public Utility Control Fund, and Workers' Compensation Fund. The bill has been recommended for passage by the Committee on Appropriations and has passed a committee vote with unanimous support. The bill's fiscal analysis notes a net increase in appropriations due to a court order exempt from the spending cap, leading to a net reduction in spending cap room of $10 million, with no fiscal impact on future years.