SJR 7 Creates the Missouri Revenue Retention Fund in the Constitution
Sponsor: Rupp
LR Number: 0821S.02I Fiscal Note: 0821-02
Committee: Governmental Accountability and Fiscal Oversight
Last Action: 2/12/2009 - Hearing Conducted S Governmental Accountability and Fiscal Oversight Committee Journal Page:
Title: Calendar Position:
Effective Date: Contingent

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Current Bill Summary

SJR 7 - This constitutional amendment, if approved by voters, would create the Missouri Revenue Retention Fund. The fund will be comprised of moneys deposited each year in which the state realizes revenue growth in an amount equal to five percent of such growth over the preceding year. In any fiscal year where the balance of the fund exceeds ten percent of the previous years general revenue expenditures, no transfer from general revenue to the fund will occur. Moneys in the fund will be available for appropriation in any year in which the state experiences a reduction in revenue from the preceding year.

In any year in which there is a budget shortfall or when the consensus revenue estimate forecasts a decrease in revenue for the upcoming year, the General Assembly may utilize 1/3 of the moneys in the fund for budgetary purposes.

This act is similar to SJR 6 (2005), SJR 3 (2007) and SJR 32 (2008) and SJR 1 (2009).