Print Friendly HOUSE BILL NO. 50 – Budget Stabilization Fund/amt trans
HOUSE BILL NO. 50
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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
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature First Regular Session - 1999
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 50
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-
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
1 reached five percent (5%).
STATEMENT OF PURPOSE
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.
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
STATEMENT OF PURPOSE/FISCAL NOTE H 5