SJR 2 Modifies the Budget Reserve Fund
Sponsor: Klindt
LR Number: 0290S.01I Fiscal Note: 0290-01
Committee: Governmental Accountability & Fiscal Oversight
Last Action: 3/7/2005 - Voted Do Pass S Governmental Accountability & Fiscal Oversight Committee Journal Page:
Title: Calendar Position:
Effective Date: referendum

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Current Bill Summary

SJR 2 - This resolution amends the current constitutional provisions regarding the budget reserve fund. The fund, often called the "rainy day fund" would be modified to allow a four year repayment term instead of the current three year term, when money is withdrawn from the fund for emergency purposes.

The amendment sets aside thirty percent of any amount of general revenue collections that exceed general revenue expenditures in a fiscal year. The amendment would also set aside one-half of any amount that exceeds general revenue expenditures in a year in which a "Hancock refund" was required, if any excess exists after making the refund.

One-half of the money in the fund that was deposited as a result of these new provisions would be accessible by a simple majority vote of each house of the legislature, in any year in which there is a budget shortfall. The remaining half would be accessible by a two thirds vote.

This SJR is similar to SJR 43 (2004).