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House Journal: Page 558: Monday, February 27, 1995

48     (2)  If the balance of the cash reserve fund in the
49   current fiscal year is more than four percent but less
50   than five percent of the adjusted revenue estimate for
Page   3
 1   that fiscal year, the amount of the appropriation
 2   under this lettered paragraph is the amount necessary
 3   for the cash reserve fund to reach five percent of the
 4   adjusted revenue estimate for the current fiscal year.
 5     (3)  The moneys appropriated under this lettered
 6   paragraph shall be credited in equal and proportionate
 7   amounts in each quarter of the current fiscal year.
 8     Sec. 6.  Section 8.57, subsection 1, paragraph b,
 9   Code 1995, is amended to read as follows:
10     b.  Commencing June 30, 1993, the The surplus
11   existing in the general fund of the state at the
12   conclusion of the fiscal year is appropriated for
13   distribution in the succeeding fiscal year as provided
14   in this section subsections 2 and 3.  Moneys
credited
15   to the cash reserve fund from the appropriation made
16   in this paragraph shall not exceed the amount
17   necessary for the cash reserve fund to reach the cash
18   reserve goal percentage for the succeeding fiscal
19   year.  As used in this paragraph, "surplus" means the
20   excess of revenues and other financing sources over
21   expenditures and other financing uses for the general
22   fund of the state in a fiscal year.
23     Sec. 7.  NEW SECTION.  8.57A  PERSONAL INCOME TAX
24   RATE REDUCTION REPLACEMENT FUND.
25     1.  The personal income tax rate reduction
26   replacement fund is created in the state treasury
27   under the authority of the department of management.
28   The fund shall be separate from the general fund of
29   the state and shall not be considered part of the
30   general fund of the state except in determining the
31   cash position of the state for payment of state
32   obligations.  The moneys in the fund are not subject
33   to the provisions of section 8.33 and shall not be
34   transferred, used, obligated, appropriated, or
35   otherwise encumbered except as provided in this
36   section.  Moneys in the fund may be used for cash flow
37   purposes provided that any moneys so allocated are
38   returned to the fund by the end of each fiscal year.
39   However, the fund shall be considered a special
40   account for the purposes of section 8.53, relating to
41   elimination of any GAAP deficit.  The fund is created
42   upon the effective date of this section, and shall
43   remain in existence until the close of the fiscal year
44   beginning July 1, 1999.
45     2.  The provisions of this subsection apply for the
46   fiscal years beginning July 1 of 1994, 1995, 1996,
47   1997, and 1998.  Notwithstanding the provisions of
48   section 8.57, subsection 3, for each of the designated

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

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URL: /DOCS/GA/76GA/Session.1/HJournal/00500/00558.html
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