Print Friendly HOUSE BILL NO. 755 – Budget Stabilization Fund, increase
HOUSE BILL NO. 755
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H0755...............................................by REVENUE AND TAXATION
BUDGET STABILIZATION FUND - Amends existing law to increase the maximum
percentage of total general fund receipts that may be in the Budget
Stabilization Fund; and to provide that appropriation of moneys from the
Budget Stabilization Fund in any year shall be limited to fifty percent of
the increased percentage.
03/01 House intro - 1st rdg - to printing
03/02 Rpt prt - to Rev/Tax
03/08 Rpt out - rec d/p - to 2nd rdg
03/09 2nd rdg - to 3rd rdg
03/10 3rd rdg - PASSED - 60-7-3
AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer,
Bedke, Bell, Bilbao, Black, Block, Bolz, Brackett, Bradford, Cannon,
Chadderdon, Clark, Collins, Crow, Denney, Edmunson, Ellsworth,
Eskridge, Field(18), Field(23), Garrett, Hart, Harwood, Henderson,
Jaquet, Kemp, Lake, Loertscher, Martinez, Mathews, McGeachin,
McKague, Miller, Moyle, Nielsen, Nonini, Pence, Raybould, Ring,
Roberts, Rydalch, Sali, Sayler, Schaefer, Shepherd(2), Shirley,
Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Trail,
Wills, Mr. Speaker
NAYS -- Boe, Henbest, LeFavour, Mitchell, Pasley-Stuart, Ringo,
Absent and excused -- Deal, Shepherd(8), Wood
Floor Sponsor - Clark
Title apvd - to Senate
03/13 Senate intro - 1st rdg - to Fin
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature Second Regular Session - 2006
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 755
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO THE BUDGET STABILIZATION FUND; AMENDING SECTION 57-814, IDAHO
3 CODE, TO INCREASE THE MAXIMUM PERCENTAGE OF TOTAL GENERAL FUND RECEIPTS
4 THAT MAY BE IN THE BUDGET STABILIZATION FUND AND TO PROVIDE THAT APPROPRI-
5 ATIONS OF MONEYS FROM THE BUDGET STABILIZATION FUND IN ANY YEAR SHALL BE
6 LIMITED TO FIFTY PERCENT OF THE INCREASED PERCENTAGE.
7 Be It Enacted by the Legislature of the State of Idaho:
8 SECTION 1. That Section 57-814, Idaho Code, be, and the same is hereby
9 amended to read as follows:
10 57-814. BUDGET STABILIZATION FUND. (1) There is hereby created in the
11 state treasury the budget stabilization fund for the purpose of meeting gen-
12 eral fund revenue shortfalls and to meet expenses incurred as the result of a
13 major disaster declared by the governor. All moneys in the budget reserve
14 account at the date of approval of this act shall be transferred to the budget
15 stabilization fund. Interest earnings from the investment of moneys in this
16 fund by the state treasurer shall be credited to the permanent building
17 account subject to the provisions of section 67-1210, Idaho Code.
18 (2) Subject to the requirements of section 63-3203, Idaho Code, the state
19 controller shall annually transfer moneys from the general fund to the budget
20 stabilization fund subject to the following criteria:
21 (a) If the state controller certifies that the receipts to the general
22 fund for the fiscal year just ending have exceeded the receipts of the
23 previous fiscal year by more than four percent (4%), then the state con-
24 troller shall transfer all general fund collections in excess of said four
25 percent (4%) increase to the budget stabilization fund, up to a maximum of
26 one percent (1%) of the actual general fund collections of the fiscal year
27 just ending. The state controller shall make the transfers in four (4)
28 equal amounts during September, December, March and June of the next fis-
29 cal year.
30 (b) The amount of moneys in the budget stabilization fund shall not
31 exceed five eight percent ( 58%) of the total general fund receipts for the
32 fiscal year just ending.
33 (c) The state controller shall transfer moneys in the budget stabiliza-
34 tion fund in excess of the limit imposed in subsection (2)(b) of this sec-
35 tion to the general fund.
36 (3) If a majority of the membership of each house of the legislature
37 adopt a concurrent resolution requesting the amount of the transfer specified
38 in subsection (2) of this section be reduced, the state controller shall
39 reduce the amount of the transfer.
40 (4) Appropriations of moneys from the budget stabilization fund in any
41 year shall be limited to fifty percent (50%) after the fund balance has
42 reached five eight percent ( 58%).
STATEMENT OF PURPOSE
This legislation increases the percentage of the General Fund
that can be deposited into the Budget Stabilization Fund. The
percent is increased from 5% to 8%. This increase is in line
with the percent of growth in the General Fund since 1998.
Name: Rep. Jim Clark
STATEMENT OF PURPOSE/FISCAL NOTE H 755