Text: HSB00033 Text: HSB00035 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1
1 2 Section 1. Section 8.54, subsection 2, Code 2003, is
1 3 amended by adding the following new paragraph:
1 4 NEW PARAGRAPH. aa. "Inflation factor" means the sum of
1 5 the most recently issued annual inflation factor determined by
1 6 the department of revenue and finance in accordance with
1 7 section 422.4, and the percentage change in the state's annual
1 8 population estimate for July 1 of the fiscal year in progress
1 9 as compared to the state's annual population estimate for July
1 10 1 of the previous fiscal year. The change in the population
1 11 estimate shall be expressed as a percentage rounded to the
1 12 nearest one-tenth of one percent. The population estimate
1 13 used to calculate the inflation factor shall be the most
1 14 recent estimate issued annually in December by the United
1 15 States bureau of the census. The inflation factor shall not
1 16 be less than one hundred percent.
1 17 Sec. 2. Section 8.54, subsection 3, Code 2003, is amended
1 18 to read as follows:
1 19 3. Except as otherwise provided in this section, the state
1 20 general fund expenditure limitation for a fiscal year shall be
1 21 ninety-nine percent of the adjusted revenue estimate.
1 22 However, the state general fund expenditure limitation amount
1 23 for a fiscal year shall not exceed the state general fund
1 24 expenditure limitation amount for the previous fiscal year
1 25 multiplied by the inflation factor calculated at or about the
1 26 time of the meeting of the revenue estimating conference held
1 27 annually by December 15.
1 28 EXPLANATION
1 29 This bill establishes a growth restriction for the state
1 30 general fund expenditure limitation under Code section 8.54
1 31 based upon a defined inflation factor.
1 32 The inflation factor is calculated as the sum of the annual
1 33 inflation factor determined by the department of revenue and
1 34 finance for purposes of indexing the state's personal net
1 35 income tax and the percentage change in the state's
2 1 population, based upon estimates issued by the U.S. census
2 2 bureau. The department of revenue and finance's inflation
2 3 factor is equal to the percentage change in the gross domestic
2 4 product implicit price deflator for the fiscal year ending in
2 5 the calendar year plus 100 percent. The expenditure
2 6 limitation amount for a fiscal year cannot exceed the
2 7 expenditure limitation amount for the previous fiscal year
2 8 multiplied by the inflation factor.
2 9 LSB 1492HC 80
2 10 jp/sh/8
Text: HSB00033 Text: HSB00035 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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