SJR 043 Modifies the budget reserve fund
LR Number:3550S.01I Fiscal Note:3550-01
Committee:Governmental Accountability & Fiscal Oversight
Last Action:03/11/04 - Voted Do Pass S Governmental Accountability and Journal page:
Fiscal Oversight Committee
Effective Date:Referendum
Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 2004 Senate Bills
Current Bill Summary

SJR 43 - This act modifies the fund to add an additional saving mechanism that requires 30% of any annual surplus to be deposited in the fund. This money will be separately accounted for in the fund. The act also requires that in the case where there is a surplus and a Hancock refund is triggered, than 50% of the surplus (excluding the portion being refunded to the citizenry) will be put in the budget stabilization fund.

Of the monies in the fund arising by these new mechanisms, 50% can be spent in an emergency by a simple majority vote of the legislature. The remaining 50% would require a 2/3 vote to be spent.

The act also modifies the existing provisions of the fund by allowing a 2-year grace period before repayment is required when the core monies in the fund are tapped. Once repayment starts, it extends the repayment period to four years from the current three-year requirement.