Text: HSB00234 Text: HSB00236 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 8.54, subsection 1, Code 2001, is 1 2 amended by adding the following new paragraph: 1 3 NEW PARAGRAPH. c. "Annual price index" means the change, 1 4 computed to two decimal places, between the preliminary price 1 5 index for the third quarter of the calendar year preceding the 1 6 calendar year in which the fiscal year starts and the revised 1 7 price index for the third quarter of the previous calendar 1 8 year as published in the same issue in which such preliminary 1 9 price index is first published. The price index used shall be 1 10 the state and local government chain-type price index used in 1 11 the quantity and price indexes for gross domestic product as 1 12 published by the United States department of commerce. The 1 13 annual price index shall not be less than zero and shall not 1 14 exceed four hundredths. The change shall then be added to one 1 15 to create a multiplier for the annual price index. 1 16 Sec. 2. Section 8.54, subsection 3, Code 2001, is amended 1 17 to read as follows: 1 18 3. Except as otherwise provided in this section, the state 1 19 general fund expenditure limitation for a fiscal year shall be 1 20 ninety-nine percent of the adjusted revenue estimate. 1 21 Commencing with the state general fund expenditure limitation 1 22 calculated for the fiscal year beginning July 1, 2002, the 1 23 initial expenditure limitation established for a fiscal year 1 24 shall not exceed the product of the prior fiscal year's final 1 25 expenditure limitation times the annual price index. 1 26 EXPLANATION 1 27 This bill establishes a growth rate limit for the state 1 28 general fund expenditure limitation under Code section 8.54. 1 29 The term "annual price index" is defined using the state 1 30 and local government chain-type price index used in the 1 31 quantity and price indexes for the gross domestic product as 1 32 published by the United States department of commerce. The 1 33 change in the index is then used to develop a multiplier that 1 34 is limited to a maximum increase of four percent. 1 35 Commencing with the state general fund expenditure 2 1 limitation calculated for the fiscal year beginning July 1, 2 2 2002, the initial expenditure limitation established for a 2 3 fiscal year prior to adjustment under law shall not exceed the 2 4 product of the prior fiscal year's final expenditure 2 5 limitation times the annual price index, as defined in the 2 6 bill. 2 7 Under current law, this initial amount may be adjusted to 2 8 incorporate any eligible ending balance carried forward from 2 9 the previous fiscal year and for new revenues and new 2 10 transfers. 2 11 LSB 3259HC 79 2 12 jp/cls/14
Text: HSB00234 Text: HSB00236 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Fri Mar 23 03:35:27 CST 2001
URL: /DOCS/GA/79GA/Legislation/HSB/00200/HSB00235/010314.html
jhf