COMMITTEE
HB 874 -- CERTAIN FUNDS IN THE STATE TREASURY
CO-SPONSORS: Franklin, Shields
COMMITTEE ACTION: Voted "do pass" by the Committee on Fiscal
Review by a vote of 12 to 0.
This bill repeals the Budget Stabilization Fund and the Cash
Operating Reserve Fund.
The repeal is contingent upon voter approval of a constitutional
amendment (HJR 28) which creates the Budget Reserve Fund.
FISCAL NOTE: Estimated Net Increase to Budget Reserve Fund of
$400,000,000 in FY 2001. Estimated Net Decrease to Cash
Operating Reserve Fund of $270,000,000 in FY 2001. Estimated
Net Decrease to Budget Stabilization Fund of $130,000,000 in FY
2001.
PROPONENTS: Supporters say that this bill is necessary to
repeal certain obsolete statutory provisions if HJR 28 is
approved by voters.
Testifying for the bill was Representative Franklin.
OPPONENTS: There was no opposition voiced to the committee.
Roland Tackett, Legislative Analyst