|SJR 005||Creates budget savings fund|
|Last Action:||01/17/95 - Hearing conducted S Appropriations Committee|
MIKE HOEFERKAMP SJR 5 - This joint resolution, if adopted by Missouri voters, will create a Budget Savings Fund within the State Treasury. This fund will receive 5% of the annual increase in General Revenue collections, less any expenditures for tax refunds, and will be used only when state revenues are unable to fund program requirements. Expenditures from the fund must be authorized by 4/7 of each house and the Governor. If at the end of any fiscal year the balance of the fund exceeds 5% of the General Revenue collections for the same year, the excess shall be transferred to General Revenue.