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
|||| 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|
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.
This resolution would prevent about $18.0 million in General Funds from being transferred to the Budget Stabilization Fund during Fiscal Year 2004.
Contact: Jeff Youtz 334-4743
Legislative Services Office, Budget & Policy Analysis
|Statement of Purpose/Fiscal Note||Bill No. HCR32|