84(R) - 2015
Relating to the deposit of money received from the federal government.
A fiscal note dated March 17, 2015 anticipates a positive two-year net impact to General Revenue Related Funds of $420,990,934 from House Bill 8 as introduced through the biennium ending August 31, 2017. The fiscal note adds that combined with the removal of federal funds related GR-D balances from the General Revenue Fund, the bill would result in a $206,362,934 gain of funds available for certification pursuant to the Article III limit on appropriations.
The fiscal note also indicates that the Comptroller of Public Accounts has not indicated that there would be a gain to GR as a result of reducing the transfer from GR to the ESF. To the extent that the CPA does not provide for such a GR gain, combined with the removal of federal funds from General Revenue, there would be a ($331,495,000) loss of funds available for certification pursuant to the Article III limit on appropriations.
House Bill 8 would require that any money received from the federal government and accrued interest or other earnings on money received from the federal government be deposited to the treasury in a special fund created for this purpose. The Comptroller would not be allowed to deposit any money received from the federal government and accrued interest or other earnings on money received from the federal government to the credit of the general revenue fund anymore.
Vote Recommendation Notes
House Bill 8 aims at separating money received from the federal government and earnings from federal money from the general revenue fund in order to better ensure that this money is spent for the purposes it is supposed to being spent.
House Bill 8 would encourage transparency in how and which money is being spent on specific purposes, hence it encourages a limited government.
It would also lower the maximum amount that the Economic Stabilization Fund can hold, which means that in times of budget surplus, more money could be given back to taxpayers.
We support this bill.