HCS/HJR 43 - This constitutional amendment, if approved by voters, would limit state general revenue appropriations to the amount of appropriations made in the previous fiscal year increased by a growth factor, if the amount of appropriations made in the previous fiscal year is greater than the amount of appropriations made in fiscal year 2008. The growth factor for increasing appropriations is a sum of the rate of inflation, the annual percentage change in state population, and one and one-half percent of the previous fiscal year total state general revenue collections. In any fiscal year where net general revenue collections exceed total state general revenue appropriations by more than one and a half percent of total general revenue appropriations, the excess over one and a half percent and up to two and one-half percent will be appropriated for reduction of state general obligation debt. In any fiscal year where net general revenue collections exceed total state general revenue appropriations by more than two and one-half percent, the excess over two and one-half percent will be transferred partially to the newly created cash operating reserve fund and partially to the newly created taxpayer protection stabilization fund. Funds will remain in the taxpayer protection stabilization fund until the commissioner of administration determines that the fund has a sufficient amount to reduce all state individual income tax rates by one quarter of one percent. The general assembly may appropriate funds from the taxpayer protection stabilization fund in any fiscal year in which the commission of administration determines that state general revenue appropriations will exceed projected net general revenue. The amendment provides procedures for appropriating revenues in excess of the appropriation limitation and restoring certain expenditures of the state or any of its agencies when no other funds are available in cases of emergency and allows the appropriation of revenues in excess of the appropriation limitation to fully fund the school foundation formula as established by statute. The amendment makes the provisions of this constitutional amendment subject to the state sunset statutes, so that the General Assembly is required to reauthorize this constitutional amendment by five years after the date the voters approve this amendment. This proposed constitutional amendment is similar to SJR 46 (2012), SJR 20 (2011), SJR 35 (2010), SJR 13 (2009), and SJR 50 (2008). EMILY KALMER
|