House Bill 1487 Summary

• Creates a "Surplus Revenue Debt Reduction Fund" to receive surplus general fund revenue when actual collections exceed the official sine die estimate, reduced by the previous calendar year's inflation rate.

• Directs the Joint Legislative Budget Committee to certify surplus amounts to the State Fiscal Officer, who transfers certified amounts from the General Fund to the Surplus Revenue Debt Reduction Fund for paying maturing bonds, interest, and service charges on state full faith and credit bonds.

• Brings forward Section 27-103-213 regarding distribution of unencumbered cash balances in the General Fund to the Municipal Revolving Fund, Working Cash-Stabilization Reserve Fund, and Capital Expense Fund.

• Brings forward Section 27-103-203 establishing the Working Cash-Stabilization Reserve Fund for managing state cash flow needs, revenue shortfalls, and disaster assistance, with a 10 percent General Fund appropriation cap.

• Takes effect July 1, 2020.