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MO SJR26
Joint Resolution
AI Summary
- Repeals section 27(a) of article IV of the Missouri Constitution and replaces it with three new sections (23(a), 27(a), and 27(c)) establishing spending limits and reserve funds
- Caps annual state general revenue appropriations growth at the greater of zero or the sum of inflation rate plus Missouri population change percentage, with exemptions for declared emergencies requiring two-thirds legislative approval
- Establishes a Cash Operating Reserve Fund (67% of existing budget reserve fund balance) allowing the commissioner of administration to make cash transfers without legislative action when necessary
- Creates a Budget Reserve Fund (33% of existing budget reserve fund balance) with a 7% maximum threshold; excess revenue collections exceeding 1% of allowed appropriations must be transferred to these funds or applied to permanent state income tax rate reductions
- Requires repayment to the Budget Reserve Fund within five years for any emergency appropriations drawn from it, with funds invested by the state treasurer and earning credited interest
Legislative Description
Amends the Constitution to limit general revenue appropriations and mandate state income tax rate reductions in certain situations
Last Action
S Informal Calendar S Bills for Perfection--SJR 26-Lager, with SS & SA 1 (pending)
5/16/2014
Committee Referrals
Ways And Means And Fiscal Oversight1/9/2014
Full Bill Text
No bill text available