Text: HJR00002 Text: HJR00004 Text: HJR00000 - HJR00099 Text: HJR Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. The following amendment to the Constitution of
1 2 the State of Iowa is proposed:
1 3 Article VII, Constitution of the State of Iowa, is amended
1 4 by adding the following new section:
1 5 STATE GENERAL FUND EXPENDITURE LIMITATION. Sec. 9. An
1 6 expenditure limitation is established for the general fund of
1 7 the state in accordance with this section.
1 8 Prior to the convening of the annual regular session of the
1 9 General Assembly, designees of the executive and legislative
1 10 departments shall agree to an estimate of the revenues to be
1 11 deposited in the general fund of the state in the next fiscal
1 12 year. The revenue estimate shall be adjusted by subtracting
1 13 estimated tax refunds payable from the estimated revenue and
1 14 by adding any new revenues which may be considered to be
1 15 eligible for deposit in the general fund of the state. The
1 16 adjusted revenue estimate shall be used by the Governor and
1 17 the General Assembly in the budget process for that fiscal
1 18 year. However, if the designees agree to a different estimate
1 19 at a later meeting during the regular session of the General
1 20 Assembly which projects a lesser amount of revenue than the
1 21 initial estimate amount, the lesser amount shall be adjusted
1 22 in the same manner as the initial estimate amount. The
1 23 Governor and the General Assembly shall then use the adjusted
1 24 lesser amount as the adjusted revenue estimate in the budget
1 25 process for that fiscal year.
1 26 The adjusted revenue estimate for a fiscal year shall be
1 27 used to calculate the state general fund expenditure
1 28 limitation for that fiscal year. The state general fund
1 29 expenditure limitation shall be ninety-nine percent of the
1 30 adjusted revenue estimate. The state general fund expenditure
1 31 limitation for a fiscal year shall be used by the Governor and
1 32 the General Assembly in the budget process for that fiscal
1 33 year. If a new revenue source is established and implemented
1 34 for a fiscal year, the state general fund expenditure
1 35 limitation for that year shall be readjusted to include the
2 1 estimated revenue from that new source less projected refunds
2 2 from the new source, multiplied by ninety-five percent.
2 3 A cash reserve shall be maintained by the state and moneys
2 4 in the cash reserve shall be separate from the general fund of
2 5 the state and shall not be considered part of the general fund
2 6 of the state except in determining the cash position of the
2 7 state. Moneys in the cash reserve may be used for cash flow
2 8 purposes provided that any moneys so allocated during a fiscal
2 9 year are returned to the cash reserve by the end of that
2 10 fiscal year.
2 11 The amount of moneys to be maintained in the cash reserve
2 12 shall be five percent of the adjusted revenue estimate for the
2 13 general fund of the state for that fiscal year. However, this
2 14 paragraph shall not be construed to require more than one
2 15 percent of the adjusted revenue estimate for the general fund
2 16 of the state to be set aside for these purposes in any one
2 17 fiscal year.
2 18 Moneys in the cash reserve may be appropriated by the
2 19 General Assembly only for use in the fiscal year in which the
2 20 appropriation is made. The moneys shall only be appropriated
2 21 in a bill or joint resolution in which the appropriation is
2 22 the only subject matter of the bill or joint resolution and
2 23 which contains a statement of the reasons why the
2 24 appropriation is necessary. In addition, moneys shall not be
2 25 appropriated from the cash reserve unless the bill or joint
2 26 resolution making the appropriation is approved by a vote of
2 27 at least three-fifths of the members of each chamber of the
2 28 General Assembly and approved by the Governor.
2 29 This section applies to fiscal years commencing on or after
2 30 July 1, 1999.
2 31 Sec. 2. The foregoing proposed amendment to the
2 32 Constitution of the State of Iowa is referred to the General
2 33 Assembly to be chosen at the next general election for members
2 34 of the General Assembly and the Secretary of State is directed
2 35 to cause it to be published for three consecutive months
3 1 previous to the date of that election as provided by law.
3 2 EXPLANATION
3 3 This joint resolution proposes an amendment to the
3 4 Constitution of the State of Iowa establishing a state general
3 5 fund expenditure limitation.
3 6 The joint resolution requires designees of the legislative
3 7 and executive departments of government to agree to an
3 8 estimate of revenues to be deposited in the general fund of
3 9 the state in the next fiscal year. This estimate is to be
3 10 agreed to prior to the convening of the regular session of the
3 11 general assembly. The estimate is to be adjusted by
3 12 subtracting estimated refunds and adding estimated new
3 13 revenues. The adjusted revenue estimate is to be used in the
3 14 state budgeting process by the governor and the general
3 15 assembly.
3 16 If a later meeting of the designees during a regular
3 17 session of the general assembly projects a lesser revenue
3 18 amount than the initial revenue estimate, the lesser revenue
3 19 is to be used as the basis for a new adjusted revenue
3 20 estimate.
3 21 The adjusted revenue estimate is used to calculate the
3 22 state general fund expenditure limitation for a fiscal year.
3 23 The limitation is calculated as 99 percent of the adjusted
3 24 revenue estimate. If a new revenue source is implemented, the
3 25 expenditure limitation is readjusted to incorporate 95 percent
3 26 of the net new revenue.
3 27 A cash reserve requirement is established. The amount of
3 28 moneys to be maintained in the cash reserve is 5 percent of
3 29 the adjusted revenue estimate for a fiscal year.
3 30 Moneys in the cash reserve may be used for cash flow
3 31 purposes provided that any moneys so allocated are returned to
3 32 the cash reserve by the end of the fiscal year. Moneys in the
3 33 cash reserve may be appropriated by the general assembly only
3 34 for use in the fiscal year in which the appropriation is made.
3 35 Moneys appropriated must be contained in a bill or joint
4 1 resolution in which the appropriation is the only subject
4 2 matter of the bill or joint resolution and which contains a
4 3 statement of the reasons why the appropriation is necessary.
4 4 In addition, moneys shall not be appropriated from the cash
4 5 reserve unless the bill or joint resolution making the
4 6 appropriation is approved by a vote of at least three-fifths
4 7 of the members of each chamber of the general assembly and
4 8 approved by the governor.
4 9 The resolution, if adopted, would be referred to the next
4 10 general assembly before being submitted to the electorate for
4 11 ratification.
4 12 LSB 1430YH 76
4 13 jp/sc/14
Text: HJR00002 Text: HJR00004 Text: HJR00000 - HJR00099 Text: HJR Index Bills and Amendments: General Index Bill History: General Index
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