ID HCR007

Economic Outlook and Revenue Assessment Committee determined fiscal year 2011 revenue growth was 4.2% higher than the previous fiscal year, exceeding the 4% threshold that normally triggers automatic transfers to the Budget Stabilization Fund.

Idaho Code Section 57-814(2)(a) requires the State Controller to transfer funds to the Budget Stabilization Fund when revenues exceed 4% over the previous fiscal year.

Legislature finds all available revenues are needed to support critical ongoing state programs and services for fiscal year 2012 as recommended in the Governor's budget.

Directs the State Controller not to transfer general funds to the Budget Stabilization Fund during fiscal year 2012, exercising the Legislature's authority under Idaho Code Section 57-814(3) to reduce such transfers by concurrent resolution.