ARIZONA HOUSE OF REPRESENTATIVES

Fifty-sixth Legislature

First Regular Session

House: APPROP DP 10-5-0-0

HB 2822: state budget implementation; 2023-2024

Sponsor: Representative Livingston, LD 28

Caucus & COW

Overview

Contains provisions relating to budgetary fund revisions needed to implement the FY 2024 budget.

History

According to statute, the Budget Stabilization Fund (Fund) consists of monies transferred from the state General Fund (GF).  The annual budget recommendations from the Governor and the Joint Legislative Budget Committee must include estimates of required appropriations or transfers.  A final determination of the amount to be appropriated or transferred to or from the Fund is made using personal income and price deflator estimates as reported in the previous calendar year's second calendar quarter (A.R.S. § 35-144).

Provisions

1.   Requires, as session law, any unrestricted federal monies received by the State beginning July 1, 2023 through June 30, 2024 to be deposited in the GF.

a)   Stipulates that these monies must be used to pay essential government services; and

b)   Contains a retroactivity clause of July 1, 2023. (Sec. 1)

2.   Stipulates, as session law, that the Legislature is not required to appropriate monies to or transfer monies from the Fund through FY 2026. (Sec. 2)

3.   States, as session law, that for FY 2024 the Fund is not limited to 10 percent of the GF revenue for the fiscal year.

a)   Prohibits the State Treasurer from transferring any surplus monies from the Fund to the GF. (Sec. 2)

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note

 

 

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                  HB 2579

Initials FK  Page 0 Caucus & COW

 

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