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OH HB638

Bill

Official Source

Status

Introduced

10/20/2014

Primary Sponsor

Peter Beck

Click for details

Origin

House of Representatives

130th General Assembly (2013-2014)

AI Summary

  • Amends section 131.43 of the Revised Code to establish a mandatory annual deposit requirement to the Budget Stabilization Fund beginning in fiscal year 2016
  • Requires the Director of Budget and Management to deposit an amount equal to 5% of General Revenue Fund revenues from the preceding fiscal year into the Budget Stabilization Fund
  • Changes the Budget Stabilization Fund from an aspirational intent to a mandatory requirement with specific percentage and timing
  • Requires the governor to include in budget submissions proposals for transfers between the General Revenue Fund and Budget Stabilization Fund for the ensuing fiscal biennium
  • Allows the balance in the Budget Stabilization Fund to be combined with the General Revenue Fund balance for cash management purposes

Legislative Description

To require an annual deposit to the Budget Stabilization Fund equal to 5% of General Revenue Fund revenues for the preceding fiscal year.

Budget Stabilization Fund-annual deposit equal to 5% General Revenue Fund revenues

Last Action

To Finance and Appropriations

10/20/2014

Full Bill Text

No bill text available