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AR HB1041
Bill
Status
5/17/2013
Primary Sponsor
Bruce Westerman
Click for details
AI Summary
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Director of the Department of Finance and Administration must ensure net general revenue expenditures for each fiscal year do not exceed the average rate of change of total state disposable personal income.
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Average rate of change of state disposable personal income is calculated by July 15 of the preceding fiscal year using a five-year comparison of disposable income data from the United States Bureau of Economic Analysis.
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Director may authorize expenditures exceeding the limitation if the expenditure is necessary due to emergency, the Governor approves it, and the Legislative Council or Joint Budget Committee reviews it.
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Limitation does not apply to general revenues transferred to the General Improvement Fund or its successor, or to one-time expenditures for settlement of claims against the state.
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Act is effective July 1, 2014.
Legislative Description
To Limit The Increase In General Revenue Expenditures From Year To Year; And To Create A Nexus Between The Amount Of General Revenue Expenditures And The Growth Of The State Disposable Personal Income.
Last Action
Died on House Calendar at Sine Die adjournment.
5/17/2013