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, 2001. 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 amount 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. However, not 3 30 more than one percent of the adjusted revenue estimate is 3 31 required to be set aside for the cash reserve in any one 3 32 fiscal year. 3 33 Moneys in the cash reserve may be used for cash flow 3 34 purposes provided that any moneys so allocated are returned to 3 35 the cash reserve by the end of the fiscal year. Moneys in the 4 1 cash reserve may be appropriated by the general assembly only 4 2 for use in the fiscal year in which the appropriation is made. 4 3 Moneys appropriated must be contained in a bill or joint 4 4 resolution in which the appropriation is the only subject 4 5 matter of the bill or joint resolution and which contains a 4 6 statement of the reasons why the appropriation is necessary. 4 7 In addition, moneys shall not be appropriated from the cash 4 8 reserve unless the bill or joint resolution making the 4 9 appropriation is approved by a vote of at least three-fifths 4 10 of the members of each chamber of the general assembly and 4 11 approved by the governor. 4 12 The resolution, if adopted, would be referred to the next 4 13 general assembly before being submitted to the electorate for 4 14 ratification. 4 15 LSB 1200HH 77 4 16 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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