Senate Journal: Page 1043: Thursday, April 2, 1998

  General Assembly, for the general fund for the following fiscal year as
  determined by a revenue estimating conference which shall be
  established by the General Assembly by law, adjusted by subtracting
  estimated refunds payable from that estimated revenue and adding
  any available surplus in accordance with subsection 5.
  b.  "General fund" means the principal operating fund of the state
  which shall be established by the General Assembly by law.
  c.  "New revenues" means moneys which are received by the state
  due to increased tax rates or fees or newly created taxes or fees over
  and above those moneys which are received due to state taxes or fees
  which are in effect as of January 1 following the most recent state
  revenue estimating conference.  "New revenues" also includes moneys
  received 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

© 1998 Cornell College and League of Women Voters of Iowa

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