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H0569.....................................................by APPROPRIATIONS
BUDGET STABILIZATION FUND - Amends existing law to revise determination of
the method of calculating the amount of money to be transferred into the
Budget Stabilization Fund.
02/15 House intro - 1st rdg - to printing
02/16 Rpt prt - to Approp
02/29 Rpt out - rec d/p - to 2nd rdg
03/01 2nd rdg - to 3rd rdg
03/03 3rd rdg - PASSED - 47-16-7
AYES -- Alltus, Barraclough, Barrett, Bell, Black, Bruneel,
Callister, Campbell, Cheirrett, Clark, Crow, Deal, Denney, Ellsworth,
Field(13), Field(20), Gagner, Geddes, Hadley, Hammond, Hansen(23),
Hornbeck, Jones, Kellogg, Kempton, Kunz, Lake, Linford, Loertscher,
Mader, Meyer, Mortensen, Moss, Moyle, Pearce, Pischner, Reynolds,
Sali, Schaefer(Tiegs), Stevenson, Stone, Taylor, Tilman, Trail,
Wheeler, Wood, Zimmermann
NAYS -- Bieter, Boe, Chase, Cuddy, Henbest, Jaquet, Judd, Kendell,
Marley, Pomeroy, Ridinger, Ringo, Robison, Sellman, Shepherd,
Stoicheff
Absent and excused -- Gould, Hansen(29), McKague, Montgomery, Smith,
Smylie, Mr Speaker
Floor Sponsor - Clark
Title apvd - to Senate
03/06 Senate intro - 1st rdg - to Fin
03/14 Rpt out - rec d/p - to 2nd rdg
03/15 2nd rdg - to 3rd rdg
03/29 3rd rdg - PASSED - 23-5-7
AYES--Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Darrington, Davis, Deide, Frasure, Hawkins, Ingram, Ipsen,
Keough, King-Barrutia, Lee, Noh, Richardson, Riggs, Sorensen,
Wheeler, Williams
NAYS--Dunklin, Schroeder, Stegner, Stennett, Whitworth
Absent and excused--Danielson, Geddes, McLaughlin, Parry, Risch,
Sandy, Thorne
Floor Sponsor - Ipsen
Title apvd - to House
03/30 To enrol
03/31 Rpt enrol - Sp signed
04/03 Pres signed - to Governor
04/13 Governor signed
Session Law Chapter 280
Effective: 07/01/00
H0569
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 569
BY APPROPRIATIONS COMMITTEE
1 AN ACT
2 RELATING TO THE BUDGET STABILIZATION FUND; AMENDING SECTION 57-814, IDAHO
3 CODE, TO REVISE METHOD OF DETERMINING THE AMOUNT TO BE TRANSFERRED INTO
4 THE BUDGET STABILIZATION FUND; AND AMENDING SECTION 57-814A, IDAHO CODE,
5 TO CHANGE A REFERENCE FROM THE BUDGET RESERVE ACCOUNT TO THE BUDGET STABI-
6 LIZATION FUND.
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) An amount equal to one percent (1%) of the total original general
22 fund appropriations made for the fiscal year just ending, shall be trans-
23 ferred to the budget stabilization fund in any year in which the state
24 controller certifies that the receipts to the general fund for the just
25 concluded fiscal year have exceeded the receipts of the previous fiscal
26 year by more than four percent (4%) If the state controller certifies that
27 the receipts to the general fund for the fiscal year just ending have
28 exceeded the receipts of the previous fiscal year by more than four per-
29 cent (4%), then the state controller shall transfer all general fund col-
30 lections in excess of said four percent (4%) increase to the budget stabi-
31 lization fund, up to a maximum of one percent (1%) of the actual general
32 fund collections of the fiscal year just ending. The state controller
33 shall make the transfers in four (4) equal amounts during September,
34 December, March and June of the next fiscal year.
35 (b) The amount of moneys in the budget stabilization fund shall not
36 exceed five percent (5%) of the total general fund appropriations receipts
37 for the fiscal year beginning July 1, following the legislative session
38 just ending.
39 (c) The state controller shall transfer moneys in the budget stabiliza-
40 tion fund in excess of the limit imposed in subsection (2)(b) of this sec-
41 tion to the general fund.
42 (3) If a majority of the membership of each house of the legislature
43 adopt a concurrent resolution requesting the amount of the transfer specified
2
1 in subsection (2) of this section be reduced, the state controller shall
2 reduce the amount of the transfer.
3 (4) Appropriations of moneys from the budget stabilization fund in any
4 year shall be limited to fifty percent (50%) after the fund balance has
5 reached five percent (5%).
6 SECTION 2. That Section 57-814A, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 57-814A. TRANSFER FROM BUDGET RESERVE ACCOUNT STABILIZATION FUND TO GEN-
9 ERAL FUND. At the end of the fiscal year, if the state board of examiners
10 determines that insufficient general fund moneys are available to meet the
11 level of general fund appropriations authorized by the legislature for that
12 same fiscal year, the board is hereby authorized to transfer certain unencum-
13 bered moneys from the budget reserve account stabilization fund to the general
14 fund. Such transfers will be the final accounting adjustment to close the fis-
15 cal year and shall be limited to the amount of the insufficiency or one-half
16 of one percent (.5%) of the original general fund appropriations made for the
17 fiscal year just ending, whichever is less. Any transfer made pursuant to this
18 section from the budget reserve account stabilization fund to the general fund
19 shall be specifically addressed in the governor's executive budget recommenda-
20 tion for the following year which is then subject to review or action by the
21 legislature.
STATEMENT OF PURPOSE
RS 09995
The purpose of this legislation is to adjust the trigger that determines when the state controller transfers
general fund revenues to the budget stabilization fund (BSF) and to change the basis for calculation from
appropriations to revenues. Currently, if general fund revenues for the fiscal year just ending exceed the
general fund revenues for the previous year by more than 4% then the state controller transfers an amount
equal to 1% of the original general fund appropriations from the general fund to the budget stabilization fund
(until the BSF equals 5% of the general fund appropriation). This causes a problem if the budget is set based
on revenues of more than 4% and less than 5% because of the need to set aside a full 1%. This legislation
allows the legislature to set aside for transfer only the amount over 4% in years when the revenue projection
for the current year is between 4% and 5%. Furthermore, the change in the basis from appropriations to
revenues automatically adjusts the calculation to transfer more revenues to the BSF during good years and
less when revenues fall below budgeted levels.
FISCAL NOTE
Assuming a 5.2% increase in general fund receipts from FY 1999 to FY 2000, this legislation would move
$336,500 more to the Budget Stabilization Fund (BSF) than under current law.
Original General Fund Additional %Change Transfer to BSF
Appropriation Revenues Revenue in Revenue Current Law Proposed
Previous 1999 1,610,815,500 1,624,432,900 87,590,100
What if
Just Ending 2000 1,674,713,100 1,689,410,216 64,977,316 4.0%
Just Ending 2000 1,674,713,100 1,692,659,082 68,226,182 4.2% 16,747,131 3,385,318
Just Ending 2000 1,674,713,100 1,697,532,381 73,099,481 4.5% 16,747,131 8,487,662
Just Ending 2000 1,674,713,100 1,702,405,679 77,972,779 4.8% 16,747,131 13,619,245
Just Ending 2000 1,674,713,100 1,705,654,545 81,221,645 5.0% 16,747,131 17,056,545
Just Ending 2000 1,674,713,100 1,708,360,001 83,927,101 5.17% 16,747,131 17,083,600
Just Ending 2000 1,674,713,100 1,721,898,874 97,465,974 6.0% 16,747,131 17,218,989
Just Ending 2000 1,674,713,100 1,738,143,203 113,710,303 7.0% 16,747,131 17,381,432
Contact:
Representative Jim Clark 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H56