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IN SJR0007
Joint Resolution
AI Summary
SJR 7 - Constitutional Amendment on State Fiscal Matters
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Amends Article 10, Section 5 of the Indiana Constitution to establish balanced budget requirements for biennial state budgets.
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Defines "revenue" as all income received by state general and other state funds, excluding bond or loan proceeds.
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Requires total expense appropriations for a biennial budget cannot exceed estimated state revenue in that budget period.
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Mandates state budgets appropriate funds to actuarially fund the accrued liability of all prefunded pension funds during the budget period.
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Allows two-thirds majorities in both the House and Senate to suspend the balanced budget and pension funding requirements.
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Requires subsequent biennial budgets to subtract any revenue shortfalls from the previous budget period from projected available revenue.
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Limits court remedies in cases arising under this section to declaratory judgments or remedies specifically authorized by the General Assembly.
Legislative Description
Provides that the total amount of expense appropriations enacted by the general assembly for a biennial budget may not exceed the estimated revenue of the state in the biennial budget period. Defines "revenue" as all income received by the state general fund and all other state funds, excluding the proceeds of bonds or other loans. Defines "expense" as the ordinary operating costs of state government, including any debt service payments made during the biennial budget period. Provides that a state budget enacted by the general assembly must appropriate money for the state's prefunded pension funds in the amount necessary to
Last Action
Signed by the President of the Senate
4/25/2017