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ID H0449
Bill
Status
3/12/2020
Primary Sponsor
Appropriations Committee
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AI Summary
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Increases the maximum allowable balance in the Budget Stabilization Fund from 10% to 15% of total general fund receipts for the fiscal year just ending.
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Repeals Section 67-3520 of Idaho Code, eliminating the Economic Recovery Reserve Fund.
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Transfers all remaining moneys from the Economic Recovery Reserve Fund to the Budget Stabilization Fund effective June 1, 2020.
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Appropriates and transfers $20,000,000 from the General Fund to the Budget Stabilization Fund effective June 1, 2020.
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Maintains the 50% limitation on annual appropriations from the Budget Stabilization Fund and existing automatic transfer mechanisms based on general fund revenue growth exceeding 4%.
Legislative Description
Amends and repeals existing law to increase the percentage of General Fund receipts that may be in the Budget Stabilization Fund and to remove the authorization of the Economic Recovery Reserve Fund; transfers the remaining balance from the Economic Recovery Reserve Fund to the Budget Stabilization Fund; and transfers $20,000,000 from the General Fund to the Budget Stabilization Fund.
APPROPRIATIONS
Last Action
Reported Signed by Governor on March 11, 2020 Session Law Chapter 112 Effective: 03/11/2020 SECTION 3 & 4; 07/01/2020 SECTION 2; 07/01/2021 SECTION 1
3/12/2020