2007 Legislation
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HOUSE BILL NO. 3 – Budget Stabilization Fund, amount

HOUSE BILL NO. 3

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Bill Status



H0003...............................................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 the limitation on appropriations of
moneys from the Budget Stabilization Fund shall be based on the eight
percent fund balance.
                                                                        
01/11    House intro - 1st rdg - to printing
01/12    Rpt prt - to Rev/Tax
01/16    Rpt out - rec d/p - to 2nd rdg
01/17    2nd rdg - to 3rd rdg
01/29    3rd rdg - PASSED - 66-0-4
      AYES -- Anderson, Andrus, Bayer, Bedke, Bilbao, Black, Bock, Boe,
      Bolz, Brackett, Bradford, Chadderdon, Chavez, Chew, Clark, Collins,
      Crane, Durst, Edmunson, Hagedorn, Hart, Harwood, Henbest, Henderson,
      Jaquet, Killen, King, Kren, Labrador, Lake, LeFavour, Loertscher,
      Luker, Marriott, Mathews, McGeachin, Mortimer, Moyle, Nielsen,
      Nonini, Pasley-Stuart, Patrick, Pence, Raybould, Ring, Ringo,
      Roberts, Ruchti, Rusche, Sayler, Schaefer, Shepherd(2), Shepherd(8),
      Shirley, Shively, Smith(30), Smith(24), Snodgrass, Stevenson, Thayn,
      Trail, Vander Woude, Wills, Wood(27), Wood(35), Mr. Speaker
      NAYS -- None
      Absent and excused -- Barrett, Bell, Block, Eskridge
    Floor Sponsor - Clark
    Title apvd - to Senate
01/30    Senate intro - 1st rdg - to Fin

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-ninth Legislature                   First Regular Session - 2007
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                      HOUSE BILL NO. 3
                                                                        
                             BY REVENUE AND TAXATION COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO THE BUDGET STABILIZATION  FUND;  AMENDING  SECTION  57-814,  IDAHO
  3        CODE,  TO  PROVIDE  THAT  THE AMOUNT OF MONEYS IN THE BUDGET STABILIZATION
  4        FUND SHALL NOT EXCEED EIGHT PERCENT OF TOTAL GENERAL FUND RECEIPTS FOR THE
  5        FISCAL YEAR JUST ENDING AND TO PROVIDE THAT THE LIMITATION  ON  APPROPRIA-
  6        TIONS  OF  MONEYS FROM THE BUDGET STABILIZATION FUND SHALL BE BASED ON THE
  7        EIGHT PERCENT FUND BALANCE; AND DECLARING AN EMERGENCY.
                                                                        
  8    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  9        SECTION 1.  That Section 57-814, Idaho Code, be, and the  same  is  hereby
 10    amended to read as follows:
                                                                        
 11        57-814.  BUDGET  STABILIZATION  FUND.  (1)  There is hereby created in the
 12    state treasury the budget stabilization fund for the purpose of  meeting  gen-
 13    eral  fund revenue shortfalls and to meet expenses incurred as the result of a
 14    major disaster declared by the governor. All  moneys  in  the  budget  reserve
 15    account at the date of approval of this act shall be transferred to the budget
 16    stabilization  fund.  Interest  earnings from the investment of moneys in this
 17    fund by the state treasurer  shall  be  credited  to  the  permanent  building
 18    account subject to the provisions of section 67-1210, Idaho Code.
 19        (2)  Subject to the requirements of section 63-3203, Idaho Code, the state
 20    controller  shall annually transfer moneys from the general fund to the budget
 21    stabilization fund subject to the following criteria:
 22        (a)  If the state controller certifies that the receipts  to  the  general
 23        fund  for  the  fiscal  year just ending have exceeded the receipts of the
 24        previous fiscal year by more than four percent (4%), then the  state  con-
 25        troller shall transfer all general fund collections in excess of said four
 26        percent (4%) increase to the budget stabilization fund, up to a maximum of
 27        one percent (1%) of the actual general fund collections of the fiscal year
 28        just  ending.  The  state  controller shall make the transfers in four (4)
 29        equal amounts during September, December, March and June of the next  fis-
 30        cal year.
 31        (b)  The  amount  of  moneys  in  the  budget stabilization fund shall not
 32        exceed five eight percent (58%) of the total general fund receipts for the
 33        fiscal year just ending.
 34        (c)  The state controller shall transfer moneys in the  budget  stabiliza-
 35        tion fund in excess of the limit imposed in subsection (2)(b) of this sec-
 36        tion to the general fund.
 37        (3)  If  a  majority  of  the  membership of each house of the legislature
 38    adopt a concurrent resolution  requesting the amount of the transfer specified
 39    in subsection (2) of this section  be  reduced,  the  state  controller  shall
 40    reduce the amount of the transfer.
 41        (4)  Appropriations  of  moneys  from the budget stabilization fund in any
 42    year shall be limited to fifty  percent  (50%)  after  the  fund  balance  has
 43    reached five eight percent (58%).
                                                                        
                                       2
                                                                        
  1        SECTION  2.  An  emergency  existing  therefor,  which emergency is hereby
  2    declared to exist, this act shall be in full force and effect on and after its
  3    passage and approval.

Statement of Purpose / Fiscal Impact


  
                     STATEMENT OF PURPOSE

                           RS 16610

  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%. 

  
                          FISCAL NOTE
  
  None
  
  
  
  Contact
  Name: Rep. Jim Clark 
  Phone: 332-1000
  
  
  STATEMENT OF PURPOSE/FISCAL NOTE                                H 3