H0701.....................................................by APPROPRIATIONS BUDGET - MONEY TRANSFER - Stating findings of the Legislature regarding the financial situation for fiscal year 2002; transferring moneys from the Capitol Endowment Income Fund to the General Fund; directing the State Treasurer to deposit the tobacco settlement payment into the General Fund; and authorizing the Board of Examiners to access Permanent Building Funds. 02/28 House intro - 1st rdg - to printing 03/01 Rpt prt - to 2nd rdg 03/04 2nd rdg - to 3rd rdg 03/05 3rd rdg - PASSED - 63-4-3 AYES -- Aikele, Barraclough, Barrett, Bedke, Bell, Bieter, Black, Block, Boe, Bolz, Bradford, Bruneel, Campbell, Clark, Collins, Crow, Deal, Denney, Ellis, Ellsworth, Eskridge, Field(13), Field(20), Gagner, Gould, Hammond, Harwood, Henbest, Higgins, Hornbeck, Jaquet, Jones, Kellogg(Duncan), Kendell, Kunz, Lake, Langford, Loertscher, Martinez, Meyer, Montgomery, Mortensen, Pearce, Pischner, Pomeroy, Raybould, Ridinger, Roberts, Robison, Sali, Schaefer, Sellman, Shepherd, Smith(23), Smylie, Stevenson, Stone, Tilman, Trail, Wheeler, Wood, Young, Mr. Speaker NAYS -- Cuddy, McKague, Moyle, Smith(33) Absent and excused -- Callister, Hadley, Mader Floor Sponsor - Bell Title apvd - to Senate 03/06 Senate intro - 1st rdg - to Fin 03/07 Rpt out - rec d/p - to 2nd rdg 03/08 2nd rdg - to 3rd rdg 03/14 3rd rdg - PASSED - 34-1-0 AYES -- Andreason, Boatright, Branch(Bartlett), Brandt, Bunderson, Burtenshaw, Cameron, Darrington, Davis, Deide, Dunklin, Frasure, Geddes, Goedde, Hawkins, Hill, Ingram, Ipsen, Keough, King-Barrutia, Little, Lodge, Marley, Noh, Richardson, Risch, Sandy, Sims, Sorensen, Stegner, Stennett, Thorne, Wheeler, Williams NAYS -- Schroeder Absent and excused -- None Floor Sponsor - Cameron Title apvd - to House 03/14 To enrol 03/15 Rpt enrol - Sp signed Pres signed 03/15 To Governor 03/20 Governor signed Session Law Chapter 156 Effective: 03/20/02
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-sixth Legislature Second Regular Session - 2002 IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 701 BY APPROPRIATIONS COMMITTEE 1 AN ACT 2 RELATING TO A BALANCED STATE BUDGET FOR FISCAL YEAR 2002; STATING FINDINGS OF 3 THE LEGISLATURE REGARDING THE FINANCIAL SITUATION FOR FISCAL YEAR 2002; 4 TRANSFERRING MONEYS FROM THE CAPITOL ENDOWMENT INCOME FUND TO THE GENERAL 5 FUND; DIRECTING THE STATE TREASURER TO DEPOSIT THE TOBACCO SETTLEMENT PAY- 6 MENT INTO THE GENERAL FUND; AUTHORIZING THE BOARD OF EXAMINERS TO ACCESS 7 PERMANENT BUILDING FUNDS AND REQUIRING ANY MONEYS REMAINING IN THE PERMA- 8 NENT BUILDING FUND AFTER AUTHORIZED TRANSFERS TO BE EXPENDED IN ACCORDANCE 9 WITH THE GOVERNOR'S RECOMMENDED CONTINGENCY PLAN; AND DECLARING AN EMER- 10 GENCY. 11 Be It Enacted by the Legislature of the State of Idaho: 12 SECTION 1. The Legislature finds that the current economic situation fac- 13 ing the state of Idaho, and underscored by revenue collections thus far in the 14 fiscal year, warrants certain prudent and necessary steps to ensure a balanced 15 budget for fiscal year 2002. 16 SECTION 2. Notwithstanding the provisions of Section 67-1611, Idaho Code, 17 there is hereby appropriated, and the State Controller is directed to trans- 18 fer, the sum of $22,000,000 from the Capitol Endowment Income Fund to the Gen- 19 eral Fund. 20 SECTION 3. Notwithstanding the provisions of Section 67-1801, Idaho Code, 21 the State Treasurer is hereby directed to deposit into the General Fund the 22 next scheduled tobacco payment distributed to the state of Idaho pursuant to 23 the Master Settlement Agreement. Such payment is estimated to be $18,000,000. 24 SECTION 4. Notwithstanding the provisions of Section 57-1108, Idaho Code, 25 the Idaho State Board of Examiners is hereby authorized to transfer moneys 26 from the Permanent Building Fund to the General Fund as may be necessary to 27 balance General Fund revenues with General Fund expenditures for the period 28 July 1, 2001, through June 30, 2002. Any transfers from the Permanent Building 29 Fund for the purposes of this section shall not exceed $80,000,000. Moneys 30 remaining in the Permanent Building Fund after any transfers authorized by 31 this section, shall be expended, as moneys allow, for approved projects in 32 priority order in accordance with the Governor's recommended contingency plan. 33 SECTION 5. An emergency existing therefor, which emergency is hereby 34 declared to exist, this act shall be in full force and effect on and after its 35 passage and approval.
|Statement of Purpose|
Sections 2 and 4 of this bill would provide a total of $40 million to the General Fund to offset the December and January revenue shortfalls, and essentially bring the budget into balance through January. Section 2 transfers $22 million from the Capitol Endowment Income Fund into the General Fund, and section 4 transfers the $18 million spring Tobacco Settlement payment into the General Fund.
As for the balance of the fiscal year, if revenues continue to miss the mark, section 5 of the bill will enable the Board of Examiners to access up to $80 million in Permanent Building Fund monies that were funded last year largely from the General Fund surplus. If the Board of Examiners does deem it necessary to transfer Permanent Building Funds to the General Fund, this legislation will ensure that of the remaining monies in the Permanent Building Fund, the projects that go forward will be in priority order as recommended in the Governor’s contingency spending plan for these monies. Those projects and the priority sequence are attached in page two of the fiscal note. The need for this contingency plan section will likely not come into focus until after the revenue collections for April become known. April is by far the largest revenue month for the state.
This Legislation will ensure that the Board of Examiners, if faced with revenue shortfalls this spring, has another option available to them other than reducing further the spending levels for Public Schools and the rest of state agencies and institutions. This legislation also provides the budget balancing tools and framework to eliminate the need for a special session to address budget shortfalls.
Contact: Sen. Dean Cameron Rep. Maxine Bell
|Statement of Purpose/Fiscal Note||Bill No. H701|