S1517............................................................by FINANCE BUDGET - GENERAL FUND - Stating findings of the Legislature regarding the 2003 budget; transferring $26,700,000 from the Budget Stabilization Fund to the General Fund; transferring $7,000,000 from the Permanent Building Fund to the General Fund; directing the deposit of $10,000,000 from the Master Tobacco Settlement Agreement to the General Fund; and transferring $6,400,000 from the Capitol Endowment Income Fund to the General Fund. 03/08 Senate intro - 1st rdg - to printing 03/11 Rpt prt - to Fin Rpt out - rec d/p - to 2nd rdg 03/12 Rls susp - PASSED - 35-0-0 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, Schroeder, Sims, Sorensen, Stegner, Stennett, Thorne, Wheeler, Williams NAYS -- None Absent and excused -- None Floor Sponsor - Cameron Title apvd - to House 03/12 House intro - 1st rdg - to 2nd rdg 03/13 2nd rdg - to 3rd rdg Rls susp - PASSED - 69-0-1 AYES -- Aikele, Barraclough, Barrett, Bedke, Bell, Bieter, Black, Block, Boe, Bolz, Bradford, Bruneel, Callister, Campbell, Clark, Collins, Crow, Cuddy, Deal, Denney, Ellis, Ellsworth, Eskridge, Field(13), Field(20), Gagner, Gould, Hadley, Hammond, Harwood, Henbest, Higgins, Hornbeck, Jaquet, Jones, Kellogg, Kendell, Kunz, Lake, Langford, Loertscher, Martinez, McKague, Meyer, Montgomery, Mortensen, Moyle, Pearce, Pischner, Pomeroy, Raybould, Ridinger, Roberts, Robison, Sali, Schaefer, Sellman, Shepherd, Smith(33), Smith(23), Smylie, Stevenson, Stone, Tilman, Trail, Wheeler, Wood, Young, Mr. Speaker NAYS -- None Absent and excused -- Mader Floor Sponsor - Clark Title apvd - to Senate 03/13 To enrol 03/14 Rpt enrol - Pres signed Sp signed 03/15 To Governor 03/21 Governor signed Session Law Chapter 205 Effective: 07/01/02
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-sixth Legislature Second Regular Session - 2002 IN THE SENATE SENATE BILL NO. 1517 BY FINANCE COMMITTEE 1 AN ACT 2 RELATING TO THE STATE BUDGET FOR FISCAL YEAR 2003; STATING FINDINGS OF THE 3 LEGISLATURE REGARDING THE FINANCIAL SITUATION FOR FISCAL YEAR 2003; TRANS- 4 FERRING MONEYS FROM THE BUDGET STABILIZATION FUND TO THE GENERAL FUND; 5 TRANSFERRING MONEYS FROM THE PERMANENT BUILDING FUND TO THE GENERAL FUND; 6 DIRECTING THE STATE TREASURER TO DEPOSIT CERTAIN TOBACCO SETTLEMENT MONEYS 7 INTO THE GENERAL FUND; AND TRANSFERRING MONEYS FROM THE CAPITOL ENDOWMENT 8 INCOME FUND TO THE GENERAL FUND. 9 Be It Enacted by the Legislature of the State of Idaho: 10 SECTION 1. The Legislature finds that the current economic situation fac- 11 ing the state of Idaho requires certain prudent and necessary steps to augment 12 General Fund revenues for Fiscal Year 2003 and to enable the development of a 13 balanced budget for the period July 1, 2002, through June 30, 2003. 14 SECTION 2. Notwithstanding the provisions of Section 57-814, Idaho Code, 15 there is hereby appropriated, and the State Controller is directed to trans- 16 fer, the sum of $26,700,000 from the Budget Stabilization Fund to the General 17 Fund. 18 SECTION 3. Notwithstanding the provisions of Section 57-1108, Idaho Code, 19 there is hereby appropriated, and the State Controller is directed to trans- 20 fer, the sum of $7,000,000 from the Permanent Building Fund to the General 21 Fund. 22 SECTION 4. Notwithstanding the provisions of Section 67-1801, Idaho Code, 23 the State Treasurer is hereby directed to deposit into the General Fund the 24 sum of $10,000,000 from the Fiscal Year 2003 scheduled payments distributed to 25 the state of Idaho pursuant to the Master Tobacco Settlement Agreement. 26 SECTION 5. Notwithstanding the provisions of Section 67-1611, Idaho Code, 27 there is hereby appropriated, and the State Controller is directed to trans- 28 fer, the sum of $6,400,000 from the Capitol Endowment Income Fund to the Gen- 29 eral Fund.
|Statement of Purpose|
Section 2 of this bill transfers $26.7 million into the General Fund from the Budget Stabilization Fund. The Budget Stabilization Fund currently has a $53.1 million balance. This transfer, effective July 1, 2002, would reduce the balance in that fund to $26.4 million for FY 2003. No additional transfers back into the BSF will occur in FY 2003 due to the trigger language in the BSF statute which would require at least a 4.0% increase in revenues this fiscal year, which is very unlikely to occur.
Section 3 of the bill transfers $7.0 million from the Permanent Building fund to the General Fund. $11.0 million in Permanent Building Funds was originally appropriated for an addition to the Pocatello Women’s prison. Instead, community work center bed space will be utilized, which will cost about $4.0 million and free up $7.0 million in Permanent Building Funds to be transferred to the General Fund.
Section 4 of the bill would direct the State Treasurer to transfer $10.0 million of the estimated $27.0 million in new tobacco settlement payment monies which are anticipated to be received in FY 2003. There is currently a balance of $53,051,600 in the Millennium Fund. Idaho is expected to receive additional payments next year which total $27.0 million. This bill will direct the State Treasurer to transfer $10.0 million of those additional payments into the General Fund.
Section 5 of this bill transfers $6.4 million from the Capitol Endowment Income Fund to the General Fund. The Legislature originally appropriated $32.0 million from last year’s General Fund surplus into the Capitol Endowment Income Fund. Current economic conditions prompted a transfer back into the General Fund of $22.0 million for FY 2002, and this bill would transfer the remaining unobligated balance of $6.4 million back to the General Fund for FY 2003.
Contact: Jeff Youtz 334-4743
Legislative Services Office, Budget & Policy Analysis
|Statement of Purpose/Fiscal Note||Bill No. S1517|