HB 1155 Summary

• Increases the budget stabilization fund cap from 9.5% to 15% of the current biennial state general fund budget, with excess amounts deposited into the general fund instead.

• Replaces the revenue decline threshold trigger with a tiered system allowing governor-ordered transfers from the budget stabilization fund based on cumulative general fund allotments of 3%, 4%, 5%, and up to 100% of remaining funds.

• Limits transfers to the difference between original revenue projections and revised projections, minus amounts already allotted under budget control procedures.

• Designates certain appropriations to the Department of Public Instruction (state school aid, transportation aid, special education aid) and Department of Career and Technical Education (school district grants) as only allottable to the extent offset by foundation aid stabilization fund transfers.

• Declares the act an emergency measure.