SJR 43 Distributes ten percent of general revenue growth to the State Road Fund and the State Transportation Fund
Sponsor: Loudon
LR Number: 3067S.03I Fiscal Note: 3067-03
Committee: Governmental Accountability & Fiscal Oversight
Last Action: 5/16/2008 - S Informal Calendar S Bills for Perfection--SJR 43-Loudon Journal Page:
Title: Calendar Position:
Effective Date: Upon voter approval

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Current Bill Summary


SJR 43 - This proposed constitutional amendment allocates ten percent of the growth of general revenue to the State Road Fund and the State Transportation Fund. Beginning with FY 2010, ten percent of the growth in general revenue occurring between FY 2008 and FY 2009 shall be transferred to the State Road Fund and the State Transportation Fund, with the State Road Fund receiving 95% of the transfer and the State Transportation Fund receiving 5% of such amount. Any amount transferred to the State Road Fund shall stand appropriated without legislative action. For all subsequent fiscal years, the state treasurer must determine the amount to be transferred to the State Road Fund and State Transportation Fund by comparing the amount of net general revenue collected in the prior fiscal year and the amount of net general revenue collected in fiscal year 2008 (base fiscal year). Once the growth has been calculated, ten percent of the increase shall be transferred to the State Road Fund and State Transportation Fund, with the State Road Fund receiving 95% of such amount, and the State Transportation Fund receiving 5% of the increase. Moneys apportioned under this resolution are not included within the definition of "total state revenues" nor are they considered to be an "expense of state government" for purposes of the Hancock Amendment.

STEPHEN WITTE