92nd General Assembly Summary of HB0141    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
SCHOENBERG-FLOWERS-MAY-SOTO-KENNER, HOWARD, FEIGENHOLTZ, 
   OSTERMAN, ERWIN, COLLINS, YARBROUGH AND SLONE.

Short description: 
ST BUD-RAINY DAY & CHILD RESRV                                             

Synopsis of Bill as introduced:
        Creates the Rainy Day Budget Stabilization and Children First Act      
   and amends  the  State  Finance  Act.   Requires  the  Comptroller  to      
   transfer  from  the  General  Revenue  Fund  during  fiscal  year 2002      
   $50,000,000 into a Budget Stabilization Fund and  $50,000,000  into  a      
   Children  First  Reserve  Fund.   In  each subsequent fiscal year when      
   anticipated general revenues are estimated by the Governor  to  exceed      
   the  prior  fiscal  year's  revenues  by  more  than  4%, requires the      
   Comptroller to  transfer 0.125% of the anticipated revenues  from  the      
   General  Revenue  Fund  into  the Budget Stabilization Fund and 0.125%      
   into the Children First Reserve Fund. Permits suspension of transfers.      
   Authorizes use of the Budget Stabilization Fund to meet general  funds      
   revenue shortfalls.  Limits the use of the Children First Reserve Fund      
   to  meet  shortfalls  in  funding educational and child care programs.      
   Creates  the  necessary  special  funds  within  the  State  treasury.      
   Effective immediately.                                                      
          STATE DEBT NOTE (Economic and Fiscal Commission)                     
          HB 141 would not affect amount of the bonding authorization of       
          the State, and, therefore, has no direct impact on the level of      
          State indebtedness                                                   
          FISCAL NOTE (State Treasurer)                                        
          HB 141 will not increase or decrease State revenues or expendi-      
          tures. However, during FY2002, the bill will put $100,000,000        
          into the Budget Stabilization and the Children First Reserve         
          Funds, which will not be available for spending without the          
          agreement of the Governor, Comptroller, and Treasurer. Any           
          future year amounts cannot be determined until a revenue esti-       
          mate is made. Future years will transfer .125% of revenue esti-      
          mates into the funds until they hold 2% of estimated general         
          revenues.                                                            
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 


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