|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|
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