2006 Legislation
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HOUSE BILL NO. 755 – Budget Stabilization Fund, increase

HOUSE BILL NO. 755

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Bill Status



H0755...............................................by REVENUE AND TAXATION
BUDGET STABILIZATION FUND - Amends existing law to increase the maximum
percentage of total general fund receipts that may be in the Budget
Stabilization Fund; and to provide that appropriation of moneys from the
Budget Stabilization Fund in any year shall be limited to fifty percent of
the increased percentage.
                                                                        
03/01    House intro - 1st rdg - to printing
03/02    Rpt prt - to Rev/Tax
03/08    Rpt out - rec d/p - to 2nd rdg
03/09    2nd rdg - to 3rd rdg
03/10    3rd rdg - PASSED - 60-7-3
      AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer,
      Bedke, Bell, Bilbao, Black, Block, Bolz, Brackett, Bradford, Cannon,
      Chadderdon, Clark, Collins, Crow, Denney, Edmunson, Ellsworth,
      Eskridge, Field(18), Field(23), Garrett, Hart, Harwood, Henderson,
      Jaquet, Kemp, Lake, Loertscher, Martinez, Mathews, McGeachin,
      McKague, Miller, Moyle, Nielsen, Nonini, Pence, Raybould, Ring,
      Roberts, Rydalch, Sali, Sayler, Schaefer, Shepherd(2), Shirley,
      Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Trail,
      Wills, Mr. Speaker
      NAYS -- Boe, Henbest, LeFavour, Mitchell, Pasley-Stuart, Ringo,
      Rusche
      Absent and excused -- Deal, Shepherd(8), Wood
    Floor Sponsor - Clark
    Title apvd - to Senate
03/13    Senate intro - 1st rdg - to Fin

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                   Second Regular Session - 2006
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 755
                                                                        
                             BY REVENUE AND TAXATION COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO THE BUDGET STABILIZATION  FUND;  AMENDING  SECTION  57-814,  IDAHO
  3        CODE,  TO  INCREASE  THE MAXIMUM PERCENTAGE OF TOTAL GENERAL FUND RECEIPTS
  4        THAT MAY BE IN THE BUDGET STABILIZATION FUND AND TO PROVIDE THAT APPROPRI-
  5        ATIONS OF MONEYS FROM THE BUDGET STABILIZATION FUND IN ANY YEAR  SHALL  BE
  6        LIMITED TO FIFTY PERCENT OF THE INCREASED PERCENTAGE.
                                                                        
  7    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  8        SECTION  1.  That  Section  57-814, Idaho Code, be, and the same is hereby
  9    amended to read as follows:
                                                                        
 10        57-814.  BUDGET STABILIZATION FUND. (1) There is  hereby  created  in  the
 11    state  treasury  the budget stabilization fund for the purpose of meeting gen-
 12    eral fund revenue shortfalls and to meet expenses incurred as the result of  a
 13    major  disaster  declared  by  the  governor. All moneys in the budget reserve
 14    account at the date of approval of this act shall be transferred to the budget
 15    stabilization fund. Interest earnings from the investment of  moneys  in  this
 16    fund  by  the  state  treasurer  shall  be  credited to the permanent building
 17    account subject to the provisions of section 67-1210, Idaho Code.
 18        (2)  Subject to the requirements of section 63-3203, Idaho Code, the state
 19    controller shall annually transfer moneys from the general fund to the  budget
 20    stabilization fund subject to the following criteria:
 21        (a)  If  the  state  controller certifies that the receipts to the general
 22        fund for the fiscal year just ending have exceeded  the  receipts  of  the
 23        previous  fiscal  year by more than four percent (4%), then the state con-
 24        troller shall transfer all general fund collections in excess of said four
 25        percent (4%) increase to the budget stabilization fund, up to a maximum of
 26        one percent (1%) of the actual general fund collections of the fiscal year
 27        just ending. The state controller shall make the  transfers  in  four  (4)
 28        equal  amounts during September, December, March and June of the next fis-
 29        cal year.
 30        (b)  The amount of moneys in  the  budget  stabilization  fund  shall  not
 31        exceed five eight percent (58%) of the total general fund receipts for the
 32        fiscal year just ending.
 33        (c)  The  state  controller shall transfer moneys in the budget stabiliza-
 34        tion fund in excess of the limit imposed in subsection (2)(b) of this sec-
 35        tion to the general fund.
 36        (3)  If a majority of the membership of  each  house  of  the  legislature
 37    adopt a concurrent resolution  requesting the amount of the transfer specified
 38    in  subsection  (2)  of  this  section  be reduced, the state controller shall
 39    reduce the amount of the transfer.
 40        (4)  Appropriations of moneys from the budget stabilization  fund  in  any
 41    year  shall  be  limited  to  fifty  percent  (50%) after the fund balance has
 42    reached five eight percent (58%).

Statement of Purpose / Fiscal Impact



                       STATEMENT OF PURPOSE

                            RS 15693

This legislation increases the percentage of the General Fund
that can be deposited into the Budget Stabilization Fund.  The
percent is increased from 5% to 8%.  This increase is in line
with the percent of growth in the General Fund since 1998.  



                           FISCAL NOTE

None







Contact
Name: Rep. Jim Clark 
Phone: 332-1000


STATEMENT OF PURPOSE/FISCAL NOTE                           H 755