House Journal: Page 243: Wednesday, February 3, 1999

	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.
7.  The Governor shall submit and the General Assembly shall 
pass a budget which does not exceed the state general fund 
expenditure limitation.
8.  The Governor shall not submit and the General Assembly shall 
not pass a budget which in order to balance assumes reversion of any 
part of the total of the appropriations included in the budget.

© 1999 Cornell College and League of Women Voters of Iowa

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Last update: Thu Jul 15 13:40:03 CDT 1999
URL: /DOCS/GA/78GA/Session.1/HJournal/00200/00243.html
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