Senate Journal: Page 108: Wednesday, January 20, 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 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.
  9. The state shall use consistent standards, in accordance with
  generally accepted accounting principles, for all state budgeting and
  accounting purposes.
  10. The General Assembly shall enact laws to implement this
  section.

© 1999 Cornell College and League of Women Voters of Iowa

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