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House Journal: Page 1143: Monday, April 3, 1995

H-3270
 1     Amend House Joint Resolution 14 as follows:
 2     1.  By striking page 1, line 3, through page 6,
 3   line 8, and inserting the following:
 4     "Article VII, Constitution of the State of Iowa, is
 5   amended by adding the following new section:
 6     STATE GENERAL FUND EXPENDITURE LIMITATION.  Sec. 9.
 7   An expenditure limitation is established for the
 8   general fund of the state in accordance with this
 9   section.
10     Prior to the convening of the annual regular
11   session of the General Assembly, designees of the
12   executive and legislative departments shall agree to
13   an estimate of the revenues to be deposited in the
14   general fund of the state in the next fiscal year.
15   The revenue estimate shall be adjusted by subtracting
16   estimated tax refunds payable from the estimated
17   revenue and by adding any new revenues which may be
18   considered to be eligible for deposit in the general
19   fund of the state.  The adjusted revenue estimate
20   shall be used by the Governor and the General Assembly
21   in the budget process for that fiscal year.  However,
22   if the designees agree to a different estimate at a
23   later meeting during the regular session of the
24   General Assembly which projects a lesser amount of
25   revenue than the initial estimate amount, the lesser
26   amount shall be adjusted in the same manner as the
27   initial estimate amount.  The Governor and the General
28   Assembly shall then use the adjusted lesser amount as
29   the adjusted revenue estimate in the budget process
30   for that fiscal year.
31     The adjusted revenue estimate for a fiscal year
32   shall be used to calculate the state general fund
33   expenditure limitation for that fiscal year.  The
34   state general fund expenditure limitation shall be
35   ninety-nine percent of the adjusted revenue estimate.
36   The state general fund expenditure limitation for a
37   fiscal year shall be used by the Governor and the
38   General Assembly in the budget process for that fiscal
39   year.  If a new revenue source is established and
40   implemented for a fiscal year, the state general fund
41   expenditure limitation for that year shall be
42   readjusted to include the estimated revenue from that
43   new source less projected refunds from the new source,
44   multiplied by ninety-five percent.
45     A cash reserve shall be maintained by the state and
46   moneys in the cash reserve shall be separate from the
47   general fund of the state and shall not be considered
48   part of the general fund of the state except in
49   determining the cash position of the state.  Moneys in
50   the cash reserve may be used for cash flow purposes

Page 2  

 1   provided that any moneys so allocated during a fiscal

Iowa General Assembly

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

© 1995 Cornell College and League of Women Voters of Iowa

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URL: /DOCS/GA/76GA/Session.1/HJournal/01100/01143.html
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