Text: H03269 Text: H03271 Text: H03200 - H03299 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House Joint Resolution 14 as follows:
1 2 #1. By striking page 1, line 3, through page 6,
1 3 line 8, and inserting the following:
1 4 "Article VII, Constitution of the State of Iowa, is
1 5 amended by adding the following new section:
1 6 STATE GENERAL FUND EXPENDITURE LIMITATION. Sec. 9.
1 7 An expenditure limitation is established for the
1 8 general fund of the state in accordance with this
1 9 section.
1 10 Prior to the convening of the annual regular
1 11 session of the General Assembly, designees of the
1 12 executive and legislative departments shall agree to
1 13 an estimate of the revenues to be deposited in the
1 14 general fund of the state in the next fiscal year.
1 15 The revenue estimate shall be adjusted by subtracting
1 16 estimated tax refunds payable from the estimated
1 17 revenue and by adding any new revenues which may be
1 18 considered to be eligible for deposit in the general
1 19 fund of the state. The adjusted revenue estimate
1 20 shall be used by the Governor and the General Assembly
1 21 in the budget process for that fiscal year. However,
1 22 if the designees agree to a different estimate at a
1 23 later meeting during the regular session of the
1 24 General Assembly which projects a lesser amount of
1 25 revenue than the initial estimate amount, the lesser
1 26 amount shall be adjusted in the same manner as the
1 27 initial estimate amount. The Governor and the General
1 28 Assembly shall then use the adjusted lesser amount as
1 29 the adjusted revenue estimate in the budget process
1 30 for that fiscal year.
1 31 The adjusted revenue estimate for a fiscal year
1 32 shall be used to calculate the state general fund
1 33 expenditure limitation for that fiscal year. The
1 34 state general fund expenditure limitation shall be
1 35 ninety-nine percent of the adjusted revenue estimate.
1 36 The state general fund expenditure limitation for a
1 37 fiscal year shall be used by the Governor and the
1 38 General Assembly in the budget process for that fiscal
1 39 year. If a new revenue source is established and
1 40 implemented for a fiscal year, the state general fund
1 41 expenditure limitation for that year shall be
1 42 readjusted to include the estimated revenue from that
1 43 new source less projected refunds from the new source,
1 44 multiplied by ninety-five percent.
1 45 A cash reserve shall be maintained by the state and
1 46 moneys in the cash reserve shall be separate from the
1 47 general fund of the state and shall not be considered
1 48 part of the general fund of the state except in
1 49 determining the cash position of the state. Moneys in
1 50 the cash reserve may be used for cash flow purposes
2 1 provided that any moneys so allocated during a fiscal
2 2 year are returned to the cash reserve by the end of
2 3 that fiscal year.
2 4 The amount of moneys to be maintained in the cash
2 5 reserve shall be five percent of the adjusted revenue
2 6 estimate for the general fund of the state for that
2 7 fiscal year. However, this paragraph shall not be
2 8 construed to require more than one percent of the
2 9 adjusted revenue estimate for the general fund of the
2 10 state to be set aside for these purposes in any one
2 11 fiscal year.
2 12 Moneys in the cash reserve may be appropriated by
2 13 the General Assembly only for use in the fiscal year
2 14 in which the appropriation is made. The moneys shall
2 15 only be appropriated in a bill or joint resolution in
2 16 which the appropriation is the only subject matter of
2 17 the bill or joint resolution and which contains a
2 18 statement of the reasons why the appropriation is
2 19 necessary. In addition, moneys shall not be
2 20 appropriated from the cash reserve unless the bill or
2 21 joint resolution making the appropriation is approved
2 22 by a vote of at least three-fifths of the members of
2 23 each chamber of the General Assembly and approved by
2 24 the Governor.
2 25 This section applies to fiscal years commencing on
2 26 or after July 1, 1999."
2 27 #2. Title page, by striking lines 2 through 6, and
2 28 inserting the following: "the State of Iowa
2 29 establishing a state general fund expenditure
2 30 limitation".
2 31
2 32
2 33
2 34 WISE of Keokuk
2 35 HJR 14.302 76
2 36 sc/cf
Text: H03269 Text: H03271 Text: H03200 - H03299 Text: H Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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