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House Journal: Page 1912: Wednesday, April 22, 1998

by the general fund due to new transfers over and above those
moneys received by the general fund due to transfers which are
in effect as of January 1 following the most recent state
revenue estimating conference.  The state revenue estimating
conference shall determine the eligibility of transfers to the
general fund which are to be considered as new revenue in
determining the state general fund expenditure limitation.

2.  A state general fund expenditure limitation is created and
calculated in subsection 3, for each fiscal year beginning on or
after July 1 following the effective date of this section.

3.  Except as otherwise provided in this section, the state
general fund expenditure limitation for a fiscal year shall be
ninety-nine percent of the adjusted revenue estimate.

4.  The state general fund expenditure limitation shall be used
by the Governor in the preparation of the budget and by the
General Assembly in the budget process.  If a new revenue source
is proposed, the budget revenue projection used for that new
revenue source for the period beginning on the effective date of
the new revenue source and ending in the fiscal year in which
the source is included in the adjusted revenue estimate shall be
ninety-five percent of the amount remaining after subtracting
estimated refunds payable from the projected revenue from that
source.  If a new revenue source is established and implemented,
the original state general fund expenditure limitation amount
provided for in subsection 3 shall be readjusted to include
ninety-five percent of the estimated revenue from that source.

5.  Any surplus existing at the end of a fiscal year which
exceeds ten percent of the adjusted revenue estimate of that
fiscal year shall be included in the adjusted revenue estimate
for the following fiscal year.  Any surplus equal to ten percent
or less of the adjusted revenue estimate of the fiscal year may
be included in the adjusted revenue estimate for the following
fiscal year if approved in a bill receiving the affirmative
votes of at least three-fifths of the whole membership of each
house of the General Assembly.  For purposes of this section,
"surplus" means the cumulative excess of revenues and other
financing sources over expenditures and other financing uses for
the general fund at the end of a fiscal year. 

6.  The scope of the expenditure limitation under subsection 3
shall not include federal funds, donations, constitutionally
dedicated moneys, and moneys in expenditures from a state
retirement system.

© 1998 Cornell College and League of Women Voters of Iowa

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Last update: Tue Apr 28 03:40:02 CDT 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01900/01912.html
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