2003 Legislation
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HOUSE BILL NO. 433 – General Fund, transfers to, FY2004

HOUSE BILL NO. 433

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Daily Data Tracking History



H0433.....................................................by APPROPRIATIONS
GENERAL FUND - Stating findings regarding a balanced budget; transferring
moneys to the General Fund for fiscal year 2004 from the Capitol Endowment
Income Fund and the Multistate Tax Compact Fund; and providing for the
deposit of scheduled payments pursuant to the Master Settlement Agreement
in the General Fund.
                                                                        
04/25    House intro - 1st rdg - to printing
04/28    Rpt prt - to 2nd rdg
04/29    2nd rdg - to 3rd rdg
05/01    Ret'd to Approp

Bill Text


                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-seventh Legislature                 First Regular Session - 2003
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 433
                                                                        
                                BY APPROPRIATIONS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO A BALANCED BUDGET; STATING FINDINGS OF THE  LEGISLATURE  REGARDING
  3        THE  FINANCIAL  SITUATION  FOR FISCAL YEAR 2004; DIRECTING THE STATE TREA-
  4        SURER TO DEPOSIT CERTAIN TOBACCO SETTLEMENT MONEYS INTO THE GENERAL  FUND;
  5        TRANSFERRING  MONEYS FROM THE CAPITOL ENDOWMENT INCOME FUND TO THE GENERAL
  6        FUND; TRANSFERRING MONEYS FROM THE MULTISTATE TAX COMPACT FUND TO THE GEN-
  7        ERAL FUND; DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE.
                                                                        
  8    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  9        SECTION 1.  The Legislature finds that the current economic situation fac-
 10    ing the state of Idaho requires certain prudent and necessary steps to augment
 11    General Fund revenues for fiscal year 2003 and to enable the development of  a
 12    balanced budget for the period July 1, 2003, through June 30, 2004.
                                                                        
 13        SECTION 2.  Notwithstanding the provisions of Section 67-1801, Idaho Code,
 14    the  State  Treasurer  is hereby directed to deposit into the General Fund the
 15    sum of eleven million four hundred seventy-five thousand dollars ($11,475,000)
 16    from the fiscal year 2004 scheduled payments distributed to the state of Idaho
 17    pursuant to the Master Settlement Agreement.
                                                                        
 18        SECTION 3.  Notwithstanding the provisions of Section 67-1611, Idaho Code,
 19    there is hereby appropriated, and the State Controller is directed  to  trans-
 20    fer,  the  sum  of one million five hundred thousand dollars ($1,500,000) from
 21    the Capitol Endowment Income Fund to the General Fund.
                                                                        
 22        SECTION 4.  Pursuant to Section  63-3709,  Idaho  Code,  there  is  hereby
 23    appropriated, and the State Controller is directed to transfer, the sum of one
 24    million one hundred thousand dollars ($1,100,000) from the Multistate Tax Com-
 25    pact Fund to the General Fund.
                                                                        
 26        SECTION  5.  An  emergency  existing  therefor,  which emergency is hereby
 27    declared to exist, this act shall be in full force and  effect  on  and  after
 28    July 1, 2003.

Statement of Purpose / Fiscal Impact


Statement of Purpose
RS13248C2

This bill transfers $14,075,000 to the General Fund from various cash reserves to augment General Fund revenues for fiscal year 2004.

Section 2 would transfer $11,475,000 of the anticipated $23.5 million 2004 tobacco settlement payment. The other portion of the payment ($12,025,000) has been transferred to the General fund in the public schools budget.

Section 3 transfers $1.5 million from the Capitol Endowment Income Fund, which is earnings on Lands and moneys held in trust for the maintenance of the State Capitol building. Since the restoration project has been put on hold indefinitely, this money is sitting idle and could be better used for general fund supported projects.

Section 4 transfers $1.1 million from the Multistate Tax Compact Fund to the General Fund. This transfer is the result of a recommendation by the Legislative Auditor’s Office persuant to Idaho Code 63-3709.

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Fiscal Note

Section Dedicated

1 Legislative Findings

2 Redirect Tobacco Settlement Payment $11,475,000

3. Transfer from Capitol Endowment Fund 1,500,000

4. Transfer from Multistate Tax Compact 1,100,000

GRAND TOTAL: $14,075,000

.

Contact: Jeff Youtz 334-4743

Legislative Services Office, Budget & Policy Analysis

Statement of Purpose/Fiscal Note Bill No. H433