Print Friendly HOUSE BILL NO. 3 – Budget Stabilization Fund, amount
HOUSE BILL NO. 3
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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
]]]] 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%).
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
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%.
Name: Rep. Jim Clark
STATEMENT OF PURPOSE/FISCAL NOTE H 3