H0465.....................................................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 the balance of the scheduled payment pursuant to the Master Settlement Agreement in the General Fund. 05/01 House intro - 1st rdg - to printing Rpt prt - to 2nd rdg 05/02 2nd rdg - to 3rd rdg 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. 465 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 fiscal year 2004 scheduled payment distributed to the state of Idaho pursuant 16 to the Master Settlement Agreement. Such payment is estimated to be 17 twenty-three million five hundred thousand dollars ($23,500,000). 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|
This bill transfers $26,100,000 to the General Fund from various cash reserves to augment General Fund revenues for fiscal year 2004.
Section 2 transfers the 2004 tobacco settlement payment into the General Fund which is estimated to be $23.5 million.
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.
The total increase to the General Fund is estimated to be $26.1 million, with a corresponding decrease in dedicated funds.
Contact: Jeff Youtz 334-4743
Legislative Services Office, Budget & Policy Analysis
|Statement of Purpose/Fiscal Note||Bill No. H465|