Text: S05494 Text: S05496 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate Joint Resolution 2004 as follows:
1 2 #1. By striking page 1, line 1, through page 4,
1 3 line 17, and inserting the following:
1 4 "Section 1. The following amendment to the
1 5 Constitution of the State of Iowa is proposed:
1 6 The Constitution of the State of Iowa is amended by
1 7 adding the following new section to new Article XIII:
1 8 ARTICLE XIII.
1 9 EXPENDITURE LIMITATION.
1 10 GENERAL FUND EXPENDITURE LIMITATION. Section 1.
1 11 1. For the purposes of this section:
1 12 a. "Adjusted revenue estimate" means the most
1 13 recent revenue estimate determined before January 1,
1 14 or a later and lesser revenue estimate determined
1 15 before adjournment of the regular session of the
1 16 General Assembly, for the general fund for the
1 17 following fiscal year as determined by a revenue
1 18 estimating conference which shall be established by
1 19 the General Assembly by law, adjusted by subtracting
1 20 estimated refunds payable from that estimated revenue
1 21 and adding any available surplus in accordance with
1 22 subsection 5.
1 23 b. "General fund" means the principal operating
1 24 fund of the state which shall be established by the
1 25 General Assembly by law.
1 26 c. "New revenues" means moneys which are received
1 27 by the state due to increased tax rates or fees or
1 28 newly created taxes or fees over and above those
1 29 moneys which are received due to state taxes or fees
1 30 which are in effect as of January 1 following the most
1 31 recent state revenue estimating conference. "New
1 32 revenues" also includes moneys received by the general
1 33 fund due to new transfers over and above those moneys
1 34 received by the general fund due to transfers which
1 35 are in effect as of January 1 following the most
1 36 recent state revenue estimating conference. The state
1 37 revenue estimating conference shall determine the
1 38 eligibility of transfers to the general fund which are
1 39 to be considered as new revenue in determining the
1 40 state general fund expenditure limitation.
1 41 2. A state general fund expenditure limitation is
1 42 created and calculated in subsection 3, for each
1 43 fiscal year beginning on or after July 1 following the
1 44 effective date of this section.
1 45 3. Except as otherwise provided in this section,
1 46 the state general fund expenditure limitation for a
1 47 fiscal year shall be ninety-nine percent of the
1 48 adjusted revenue estimate.
1 49 4. The state general fund expenditure limitation
1 50 shall be used by the Governor in the preparation of
2 1 the budget and by the General Assembly in the budget
2 2 process. If a new revenue source is proposed, the
2 3 budget revenue projection used for that new revenue
2 4 source for the period beginning on the effective date
2 5 of the new revenue source and ending in the fiscal
2 6 year in which the source is included in the adjusted
2 7 revenue estimate shall be ninety-five percent of the
2 8 amount remaining after subtracting estimated refunds
2 9 payable from the projected revenue from that source.
2 10 If a new revenue source is established and
2 11 implemented, the original state general fund
2 12 expenditure limitation amount provided for in
2 13 subsection 3 shall be readjusted to include ninety-
2 14 five percent of the estimated revenue from that
2 15 source.
2 16 5. Any surplus existing at the end of a fiscal
2 17 year which exceeds ten percent of the adjusted revenue
2 18 estimate of that fiscal year shall be included in the
2 19 adjusted revenue estimate for the following fiscal
2 20 year. Any surplus equal to ten percent or less of the
2 21 adjusted revenue estimate of the fiscal year may be
2 22 included in the adjusted revenue estimate for the
2 23 following fiscal year if approved in a bill receiving
2 24 the affirmative votes of at least three-fifths of the
2 25 whole membership of each house of the General
2 26 Assembly. For purposes of this section, "surplus"
2 27 means the cumulative excess of revenues and other
2 28 financing sources over expenditures and other
2 29 financing uses for the general fund at the end of a
2 30 fiscal year.
2 31 6. The scope of the expenditure limitation under
2 32 subsection 3 shall not include federal funds,
2 33 donations, constitutionally dedicated moneys, and
2 34 moneys in expenditures from a state retirement system.
2 35 7. The Governor shall submit and the General
2 36 Assembly shall pass a budget which does not exceed the
2 37 state general fund expenditure limitation.
2 38 8. The Governor shall not submit and the General
2 39 Assembly shall not pass a budget which in order to
2 40 balance assumes reversion of any part of the total of
2 41 the appropriations included in the budget.
2 42 9. The state shall use consistent standards, in
2 43 accordance with generally accepted accounting
2 44 principles, for all state budgeting and accounting
2 45 purposes.
2 46 10. The General Assembly shall enact laws to
2 47 implement this section.
2 48 Sec. 2. The foregoing proposed amendment to the
2 49 Constitution of the State of Iowa is referred to the
2 50 General Assembly to be chosen at the next general
3 1 election for members of the General Assembly and the
3 2 Secretary of State is directed to cause it to be
3 3 published for three consecutive months previous to the
3 4 date of that election as provided by law."
3 5 #2. Title page, line 1, by striking the word
3 6 "amendments" and inserting the following: "an
3 7 amendment".
3 8 #3. Title page, by striking lines 3 and 4 and
3 9 inserting the following: "state general fund
3 10 expenditures".
3 11
3 12
3 13
3 14 TOM FLYNN
3 15 SJR 2004.307 77
3 16 sc/cf/28
Text: S05494 Text: S05496 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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