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HOUSE CONCURRENT RESOLUTION NO. 32

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Daily Data Tracking History

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HCR032....................................................by APPROPRIATIONS
BUDGET STABILIZATION FUND - Stating findings of the Legislature and
directing the State Controller to not transfer funds from the General Fund
to the Budget Stabilization Fund.
                                                                        
04/25    House intro - 1st rdg - to printing
04/28    Rpt prt - to 2nd rdg
04/29    2nd rdg - to 3rd rdg
05/02    Ret'd to Approp

Bill Text

                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-seventh Legislature                 First Regular Session - 2003
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                             HOUSE CONCURRENT RESOLUTION NO. 32
                                                                        
                                BY APPROPRIATIONS COMMITTEE
                                                                        
  1                               A CONCURRENT RESOLUTION
  2    STATING FINDINGS OF THE LEGISLATURE REGARDING THE  BUDGET  STABILIZATION  FUND
  3        AND  DIRECTING  THE  STATE CONTROLLER NOT TO TRANSFER GENERAL FUNDS TO THE
  4        BUDGET STABILIZATION FUND IN FISCAL YEAR 2004.
                                                                        
  5    Be It Resolved by the Legislature of the State of Idaho:
                                                                        
  6        WHEREAS, the Economic Outlook and Revenue Assessment Committee has  deter-
  7    mined  that  the  revenue  growth for fiscal year 2003 is estimated to be only
  8    three and seven-tenths percent (3.7%) higher than the previous  fiscal  year's
  9    revenues; and
 10        WHEREAS, Section 57-814(2)(a), Idaho Code, directs the State Controller to
 11    transfer  certain  funds  to  the Budget Stabilization Fund if revenues are in
 12    excess of four percent (4%) over the previous fiscal year; and
 13        WHEREAS, all available revenues will be needed  to  support  critical  on-
 14    going programs and services of the state of Idaho; and
 15        WHEREAS, Section 57-814(3), Idaho Code, authorizes the Legislature through
 16    Concurrent  Resolution to reduce the transfers made by the State Controller to
 17    the Budget Stabilization Fund.
 18        NOW, THEREFORE, BE IT RESOLVED by the members of the First Regular Session
 19    of the Fifty-seventh Idaho Legislature, the House of Representatives  and  the
 20    Senate concurring therein, that the State Controller is hereby directed not to
 21    transfer  general  funds  to the Budget Stabilization Fund pursuant to Section
 22    57-814, Idaho Code, during fiscal year 2004.

Statement of Purpose / Fiscal Impact

Statement of Purpose

RS13201

This bill would direct the State Controller not to make the transfers from the General Fund to the Budget Stabilization Fund during FY 2004. The “trigger” for transferring General Funds to The Budget Stabilization Fund is whether this current year’s revenue (FY 2003) exceeds 4.0% growth over the previous year (FY 2002). Although the current year revenue projection is estimating a 3.7% increase, it is close enough to the trigger that this resolution is required to ensure that the transfers do not take place in the first two quarters of FY 2004 when the Legislature is not in session. The Legislature can revisit this issue next session and determine if the financial situation would permit transfers to the Stabilization Fund or not.

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Fiscal Note

This resolution would prevent about $18.0 million in General Funds from being transferred to the Budget Stabilization Fund during Fiscal Year 2004.

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Contact: Jeff Youtz 334-4743

Legislative Services Office, Budget & Policy Analysis

Statement of Purpose/Fiscal Note

Bill No. HCR32