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H0443aa............................................................by CLARK
Requested by: Clark
BUDGET STABILIZATION FUND - Amends existing law to create the Budget
Stabilization Fund in place of the Budget Reserve Account, to provide that
the State Controller shall annually transfer moneys from the General Fund
to the Budget Stabilization Fund subject to certain criteria, to provide
that the transfer of funds from the General Fund to the Budget
Stabilization Fund may be reduced and to limit the appropriation of moneys
from the Budget Stabilization Fund.
01/12 House intro - 1st rdg - to printing
01/12 Rpt prt - to Approp
02/06 Rpt out - to Gen Ord
02/11 Rpt out amen - to engros
02/12 Rpt engros - 1st rdg - to 2nd rdg as amen
02/13 2nd rdg - to 3rd rdg as amen
02/18 3rd rdg as amen - PASSED - 48-16-6
AYES -- Alltus, Barraclough, Barrett, Bell, Bivens, Black(15),
Black(23), Bruneel, Callister, Campbell, Chase, Clark, Crow, Cuddy,
Deal, Denney, Ellsworth, Field(13), Field(20), Gagner, Geddes, Gould,
Hadley, Hansen, Hornbeck, Jones(9), Kellogg, Kempton, Kendell,
Kjellander, Kunz, Lake, Linford, Loertscher, Mader, McKague,
Mortensen, Newcomb, Reynolds, Sali, Schaefer, Stevenson, Taylor,
Tilman, Tippets, Wheeler, Wood, Zimmermann
NAYS -- Bieter, Boe, Henbest, Jaquet, Judd, Marley, Meyer, Miller,
Pischner, Pomeroy, Richman, Ridinger, Robison, Stoicheff, Trail,
Watson
Absent and excused -- Crane, Jones(22), Jones(20), Stone, Stubbs,
Mr Speaker
Floor Sponsor - Clark
Title apvd - to Senate
02/19 Senate intro - 1st rdg as amen - to Fin
03/11 Rpt out - rec d/p - to 2nd rdg as amen
03/12 2nd rdg - to 3rd rdg as amen
03/18 3rd rdg as amen - PASSED - 28-5-2
AYES--Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Danielson, Darrington, Deide, Frasure, Geddes, Hawkins, Ipsen,
Keough, King, Lee, Noh, Parry, Richardson, Riggs, Risch, Sandy,
Sorensen, Sweeney, Thorne, Twiggs, Wheeler
NAYS--Dunklin, McLaughlin, Schroeder, Stennett, Whitworth
Absent and excused--Hansen, Ingram
Floor Sponsor - Ipsen
Title apvd - to House
03/19 To enrol - rpt enrol - Sp signed
Pres signed - to Governor
03/24 Governor signed
Session Law Chapter 290
Effective: 07/01/99
H0443|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fourth Legislature Second Regular Session - 1998IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 443, As Amended BY CLARK 1 AN ACT 2 RELATING TO THE BUDGET STABILIZATION FUND; AMENDING SECTION 57-814, IDAHO 3 CODE, TO CREATE THE BUDGET STABILIZATION FUND IN PLACE OF THE BUDGET 4 RESERVE ACCOUNT, TO TRANSFER ALL FUNDS IN THE BUDGET RESERVE ACCOUNT AT 5 THE DATE OF APPROVAL OF THIS ACT INTO THE BUDGET STABILIZATION FUND, TO 6 PROVIDE THAT THE STATE CONTROLLER SHALL ANNUALLY TRANSFER MONEYS FROM THE 7 GENERAL FUND TO THE BUDGET STABILIZATION FUND SUBJECT TO CERTAIN CRITERIA, 8 TO PROVIDE THAT THE TRANSFER OF FUNDS FROM THE GENERAL FUND TO THE BUDGET 9 STABILIZATION FUND MAY BE REDUCED, TO LIMIT THE APPROPRIATIONS OF MONEYS 10 FROM THE BUDGET STABILIZATION FUND; AND PROVIDING AN EFFECTIVE DATE. 11 Be It Enacted by the Legislature of the State of Idaho: 12 SECTION 1. That Section 57-814, Idaho Code, be, and the same is hereby 13 amended to read as follows: 14 57-814. BUDGETRESERVE ACCOUNTSTABILIZATION FUND 15 . (1) There is hereby created in theagency asset16fundstate treasury the budgetreserve account, to17which shall be deposited such appropriations as may be made by law18 stabilization fund for the purpose of meeting general fund revenue 19 shortfalls and to meet expenses incurred as the result of a major disaster 20 declared by the governor. All moneys in the budget reserve account at the date 21 of approval of this act shall be transferred to the budget stabilization fund 22 . Interest earnings from the investment of moneys in thisaccount23fund by the state treasurer shall be credited to the per- 24 manent building account subject to the provisions of section 67-1210, Idaho 25 Code. 26 (2) Subject to the requirements of section 63-3203, Idaho Code, the 27 state controller shall annually transfer moneys from the general fund to the 28 budget stabilization fund subject to the following criteria: 29 (a) An amount equal to one percent (1%) of the total original general 30 fund appropriations made for the fiscal year just ending, shall be trans- 31 ferred to the budget stabilization fund in any year in which the state 32 controller certifies that the receipts to the general fund for the just 33 concluded fiscal year have exceeded the receipts of the previous fiscal 34 year by more than four percent (4%). The state controller shall make the 35 transfers in four (4) equal amounts during September, December, March and 36 June of the next fiscal year. 37 (b) The amount of moneys in the budget stabilization fund shall not 38 exceed five percent (5%) of the total general fund appropriations for the 39 fiscal year beginning July 1, following the legislative session. 40 (c) The state controller shall transfer moneys in the budget stabiliza- 41 tion fund in excess of the limit imposed in subsection (2)(b) of this sec- 42 tion to the general fund. 43 (3) If a majority of the membership of each house of the legislature 2 1 adopt a concurrent resolution requesting the amount of the transfer specified 2 in subsection (2) of this section be reduced, the state controller shall 3 reduce the amount of the transfer. 4 (4) Appropriations of moneys from the budget stabilization fund in any 5 year shall be limited to fifty percent (50%) after the fund balance has 6 reached five percent (5%). 7 SECTION 2. This act shall be in full force and effect on and after July 8 1, 1999.
STATEMENT OF PURPOSE
RS 07423
The purpose of this piece of legislation is to provide a
systematic method for annually setting aside funds to be used
to minimize the need for budget cuts or tax increases. It
provides for the transfer of funds currently in the Budget
Reserve Account to the Budget Stabilization Fund. It provides
that the Legislature may, with a 2/3 vote of both bodies,
limit transfers from the General Fund to the Budget
Stabilization Fund. The Budget Stabilization Fund will come
into effect when the receipts in the General Fund for the
just concluded fiscal year exceed the receipts of the
previous fiscal year by more than 4%.
FISCAL NOTE
Assuming a fiscal year 1999 original General Fund
appropriation of $1.50 billion, the State Controller will
transfer $15 million from the General Fund to the Budget
Stabilization Fund in four equal installments during fiscal
year 2000. Transfers will not be made when the balance in the
Budget Stabilization Fund reaches 5% of the next original
General Fund appropriation.
CONTACT: Representative Jim Clark
208-334-2000
Senator Grant Ipsen
208-334-2000
STATEMENT OF
PURPOSE/FISCAL NOTE
H 443