State SealARIZONA HOUSE OF REPRESENTATIVES

 

SB 1091: budget stabilization fund; deposits

PRIME SPONSOR: Senator Mesnard, LD 17

BILL STATUS: Transmitted to Governor

                               

 

Overview

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteIncreases the statutory limit of the Budget Stabilization Fund (BSF) from 7% to 10% of the state GF revenue for the fiscal year.

History

The BSF, sometimes referred to as the Rainy Day Fund, was established in 1990 along with a statutory formula that prescribes GF appropriations into the BSF during years with high personal income growth and transfers from the BSF to the GF in years of low personal income growth. (A.R.S. § 35-144).

Joint Legislative Budget Committee staff projects that the BSF will have a balance of $439.9 million, or 4.1% of the GF revenue, at the end of FY 2019. The State Treasurer is required to transfer any BSF balance in excess of 7% of GF revenue for the fiscal year, to the GF  (JLBC Baseline).

Provisions

1.       Changes the BSF cap from 7% to 10% of the state GF revenue in the fiscal year. (Sec. 1)

2.       Makes technical changes. (Sec. 1)

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6.       Fifty-fourth Legislature                       SB 1091

7.       First Regular Session                            Version 4: Transmitted

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