COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 4687-02
Bill No.: SJR 36
Subject: Constitutional Amendments: Taxation and Revenue - General
Type: Original
Date: March 11, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| General Revenue | ($34,710) | $0 | $0 |
| Total Estimated
Net Effect on All State Funds |
($34,710) | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
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.
Officials of the Office of the State Treasurer stated that the proposal would have no direct impact on their agency.
Advertisement costs for the proposal would be $3,471 per newspaper column inch for three printings of the text of the proposal, the introduction, title, fiscal note summary, and affidavit. The proposal would be on the ballot for the November 2002 general election.
| FISCAL IMPACT - State Government | FY 2003 | FY 2004 | FY 2005 |
| GENERAL REVENUE FUND | |||
| Cost to Secretary of State
Newspaper Advertisements |
($34,710) |
$0 |
$0 |
| ESTIMATED NET EFFECT ON GENERAL REVENUE FUND |
($34,710) |
$0 |
$0 |
| FISCAL IMPACT - Local Government | FY 2003 | FY 2004 | FY 2005 |
| $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 DESCRIPTION (continued)
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
Secretary of State
Office of the State Treasurer
Mickey Wilson, CPA
Acting Director
March 11, 2002