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H0433.....................................................by APPROPRIATIONS
GENERAL FUND - Stating findings regarding a balanced budget; transferring
moneys to the General Fund for fiscal year 2004 from the Capitol Endowment
Income Fund and the Multistate Tax Compact Fund; and providing for the
deposit of scheduled payments pursuant to the Master Settlement Agreement
in the General Fund.
04/25 House intro - 1st rdg - to printing
04/28 Rpt prt - to 2nd rdg
04/29 2nd rdg - to 3rd rdg
05/01 Ret'd to Approp
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-seventh Legislature First Regular Session - 2003
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 433
BY APPROPRIATIONS COMMITTEE
1 AN ACT
2 RELATING TO A BALANCED BUDGET; STATING FINDINGS OF THE LEGISLATURE REGARDING
3 THE FINANCIAL SITUATION FOR FISCAL YEAR 2004; DIRECTING THE STATE TREA-
4 SURER TO DEPOSIT CERTAIN TOBACCO SETTLEMENT MONEYS INTO THE GENERAL FUND;
5 TRANSFERRING MONEYS FROM THE CAPITOL ENDOWMENT INCOME FUND TO THE GENERAL
6 FUND; TRANSFERRING MONEYS FROM THE MULTISTATE TAX COMPACT FUND TO THE GEN-
7 ERAL FUND; DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE.
8 Be It Enacted by the Legislature of the State of Idaho:
9 SECTION 1. The Legislature finds that the current economic situation fac-
10 ing the state of Idaho requires certain prudent and necessary steps to augment
11 General Fund revenues for fiscal year 2003 and to enable the development of a
12 balanced budget for the period July 1, 2003, through June 30, 2004.
13 SECTION 2. Notwithstanding the provisions of Section 67-1801, Idaho Code,
14 the State Treasurer is hereby directed to deposit into the General Fund the
15 sum of eleven million four hundred seventy-five thousand dollars ($11,475,000)
16 from the fiscal year 2004 scheduled payments distributed to the state of Idaho
17 pursuant to the Master Settlement Agreement.
18 SECTION 3. Notwithstanding the provisions of Section 67-1611, Idaho Code,
19 there is hereby appropriated, and the State Controller is directed to trans-
20 fer, the sum of one million five hundred thousand dollars ($1,500,000) from
21 the Capitol Endowment Income Fund to the General Fund.
22 SECTION 4. Pursuant to Section 63-3709, Idaho Code, there is hereby
23 appropriated, and the State Controller is directed to transfer, the sum of one
24 million one hundred thousand dollars ($1,100,000) from the Multistate Tax Com-
25 pact Fund to the General Fund.
26 SECTION 5. An emergency existing therefor, which emergency is hereby
27 declared to exist, this act shall be in full force and effect on and after
28 July 1, 2003.
| Statement of Purpose |
| RS13248C2 |
This bill transfers $14,075,000 to the General Fund from various cash reserves to augment General Fund revenues for fiscal year 2004.
Section 2 would transfer $11,475,000 of the anticipated $23.5 million 2004 tobacco settlement payment. The other portion of the payment ($12,025,000) has been transferred to the General fund in the public schools budget.
Section 3 transfers $1.5 million from the Capitol Endowment Income Fund, which is earnings on Lands and moneys held in trust for the maintenance of the State Capitol building. Since the restoration project has been put on hold indefinitely, this money is sitting idle and could be better used for general fund supported projects.
Section 4 transfers $1.1 million from the Multistate Tax Compact Fund to the General Fund. This transfer is the result of a recommendation by the Legislative Auditor’s Office persuant to Idaho Code 63-3709.
.
 
| Fiscal Note |
Section Dedicated
1 Legislative Findings
2 Redirect Tobacco Settlement Payment $11,475,000
3. Transfer from Capitol Endowment Fund 1,500,000
4. Transfer from Multistate Tax Compact 1,100,000
GRAND TOTAL: $14,075,000
.
Contact: Jeff Youtz 334-4743
Legislative Services Office, Budget & Policy Analysis
| Statement of Purpose/Fiscal Note | Bill No. H433 |