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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
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-eighth Legislature Second Regular Session - 2006IN 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 exceedfiveeight 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 reachedfiveeight percent (58%).
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