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HOUSE BILL NO. 50

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H0050..........................................................by STOICHEFF
BUDGET STABILIZATION FUND - Amends existing law to provide for the annual
transfer of moneys from the General Fund surplus to the Budget
Stabilization Fund subject to certain criteria and to delete language
providing that appropriations of moneys from the Budget Stabilization Fund
in any year shall be limited to 50% after the fund balance has reached 5%
of the General Fund appropriation for the fiscal year beginning July 1.

01/11    House intro - 1st rdg - to printing
01/11    Rpt prt - to Rev/Tax

Bill Text

H0050


                                                                        
 ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
Fifty-fifth Legislature                 First Regular Session - 1999
                                                                        

                             IN THE HOUSE OF REPRESENTATIVES

                                    HOUSE BILL NO. 50

                                       BY STOICHEFF

 1                                        AN ACT
 2    RELATING TO THE BUDGET STABILIZATION  FUND;  AMENDING  SECTION  57-814,  IDAHO
 3        CODE,  AS  AMENDED BY SECTION 1, CHAPTER 290, LAWS OF 1998, TO PROVIDE FOR
 4        THE ANNUAL TRANSFER OF MONEYS FROM THE GENERAL FUND SURPLUS TO THE  BUDGET
 5        STABILIZATION FUND SUBJECT TO CERTAIN CRITERIA AND TO DELETE LANGUAGE PRO-
 6        VIDING THAT APPROPRIATIONS OF MONEYS FROM THE BUDGET STABILIZATION FUND IN
 7        ANY  YEAR  SHALL  BE  LIMITED  TO FIFTY PERCENT AFTER THE FUND BALANCE HAS
 8        REACHED FIVE PERCENT.

 9    Be It Enacted by the Legislature of the State of Idaho:

10        SECTION 1.  That Section 57-814, Idaho Code,  as  amended  by  Section  1,
11    Chapter  290, Laws of 1998, be, and the same is hereby amended to read as fol-
12    lows:

13        57-814.  BUDGET STABILIZATION FUND. (1) There is  hereby  created  in  the
14    state  treasury  the budget stabilization fund for the purpose of meeting gen-
15    eral fund revenue shortfalls and to meet expenses incurred as the result of  a
16    major  disaster  declared  by  the  governor. All moneys in the budget reserve
17    account at the date of approval of this act shall be transferred to the budget
18    stabilization fund. Interest earnings from the investment of  moneys  in  this
19    fund  by  the  state  treasurer  shall  be  credited to the permanent building
20    account subject to the provisions of section 67-1210, Idaho Code.
21        (2)  Subject to the requirements of section 63-3203, Idaho Code, the state
22    controller shall annually transfer moneys from the general fund   surplus
23     to the budget stabilization fund subject to the following criteria:
24        (a)  An  amount  equal  to  one percent (1%) of the total original general
25        fund  appropriations made   surplus  for the  fiscal
26        year just ending, shall be transferred to the budget stabilization fund in
27        any  year in which the state controller certifies that the receipts to the
28        general fund for the just concluded fiscal year have exceeded the receipts
29        of the previous fiscal year by more than four percent (4%). The state con-
30        troller shall make the transfers in four (4) equal amounts during  Septem-
31        ber, December, March and June of the next fiscal year.
32        (b)  The  amount  of  moneys  in  the  budget stabilization fund shall not
33        exceed five percent (5%) of the total general fund appropriations for  the
34        fiscal year beginning July 1, following the legislative session.
35        (c)  The  state  controller shall transfer moneys in the budget stabiliza-
36        tion fund in excess of the limit imposed in subsection (2)(b) of this sec-
37        tion to the general fund.
38        (3)  If a majority of the membership of  each  house  of  the  legislature
39    adopt a concurrent resolution  requesting the amount of the transfer specified
40    in  subsection  (2)  of  this  section  be reduced, the state controller shall
41    reduce the amount of the transfer.
42         (4)  Appropriations of moneys from the budget stabilization fund  in
43    any  year  shall  be limited to fifty percent (50%) after the fund balance has


                                          2

 1    reached five percent (5%). 

Statement of Purpose / Fiscal Impact

                       STATEMENT OF PURPOSE
                             RS 08420


This legislation would decrease the amount of money going into the
Budget Stabilization Fund when the state has a surplus.  It would
also take the lid off the amount available to the appropriated.




                         FISCAL NOTE  
The amount going into the Budget Stabilization Fund would drop from
one percent of the total budget to one percent of the surplus only.






CONTACT:  Representative Jim Stoicheff
          332-1000




STATEMENT OF PURPOSE/FISCAL NOTE                  H 5