COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1048-01
Bill No.: SJR 14
Subject: Constitutional Amendments: Taxation and Revenue - General
Type: Original
Date: January 24, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| General Revenue | $0 | ($34,850) | $0 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | ($34,850) | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on All Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Local Government | $0 | $0 | $0 |
FISCAL ANALYSIS
ASSUMPTION
Officials of the Office of Administration - Division of Budget and Planning stated that they would continue to calculate total state revenue. They stated that the fiscal impact would depend upon whether the total state revenue ceiling was exceeded. They noted that the state would earn interest on the amount which would be transferred or credited to the revenue stabilization fund instead of being refunded.
Officials of the Office of the State Treasurer stated that the proposal would have no direct impact on their agency.
Secretary of State officials stated that advertisement costs for the proposal would be $3,485 per column inch for three printings of the text of the proposal, the introduction, fiscal note summary, and affidavit. The proposal would be on the ballot for the November 2004 general election.
| FISCAL IMPACT - State Government | FY 2004 | FY 2005 | FY 2006 |
| Cost to General Revenue Fund
Secretary of State Newspaper Advertisements |
$0 |
($34,850) |
$0 |
| FISCAL IMPACT - Local Government | FY 2004 | FY 2005 | FY 2006 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
Small businesses could be affected by the lack of article X distributions as a result of this proposal.
DESCRIPTION
This proposal would establish the "Revenue Stabilization Fund" in the state treasury. If total state revenues exceeded the constitutional limit by more than one percent, the excess would be transferred to the Revenue Stabilization Fund.
The Commissioner Administration could transfer funds from the Revenue Stabilization Fund to the General Revenue Fund if total state revenues are less than the limit and if the General Assembly has declared that monies are necessary for the cash requirements of the state.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. This legislation would not affect Total State Revenue.
SOURCES OF INFORMATION
Office of Administration - Division of Budget and Planning
Secretary of State
Office of the State Treasurer
Mickey Wilson, CPA
Director
January 24, 2003