Senate Journal: Page 107: Wednesday, January 20, 1999

  Senator McKibben moved that the resolution be read the last time
  now and placed upon its passage, which motion prevailed by a voice
  vote and the bill was read the last time.

  Senate Joint Resolution 1, a joint resolution proposing
  amendments to the Constitution of the State of Iowa relating to the
  state budget by limiting state general fund expenditures and
  restricting certain state tax revenue changes.
  Section 1.  The following amendment to the Constitution of the
  State of Iowa is proposed:
  The Constitution of the State of Iowa is amended by adding the
  following new section to new Article XIII:
  ARTICLE XIII
  EXPENDITURE LIMITATION
  GENERAL FUND EXPENDITURE LIMITATION.  Section 1.
  1. For the purpose of this section:
  a.  "Adjusted revenue estimate" means the most recent revenue
  estimate determined before January 1, or a later and lesser revenue
  estimate determined before adjournment of the regular session of the
  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.

© 1999 Cornell College and League of Women Voters of Iowa

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