90th General Assembly
Summary of HB0907
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Senate Sponsors:

Short description: 
RAINY DAY EDUC FIRST ACT                                                   

Synopsis of Bill as introduced:
        Creates the Rainy Day and Education  First  Act  and  amends  the      
   State  Finance  Act.    Creates  the  Revenue  Stabilization Fund as a      
   special fund within the State treasury for use in meeting the  State's      
   obligations  and casual deficits.  Provides that for any year when the      
   State's estimated general  funds  revenues  exceed  the  prior  year's      
   general  funds  revenues  by  more than 4% the Governor shall submit a      
   proposed budget to the General Assembly that includes  transfers  into      
   the Revenue Stabilization Fund of an amount not less than 0.25% of the      
   anticipated   general  funds  revenues.   Provides  that  the  General      
   Assembly shall  appropriate  no  less  than  0.25%  of  the  estimated      
   revenues to the Revenue Stabilization Fund.  Provides for the transfer      
   of  funds  into the Revenue Stabilization Fund. Sets a maximum Revenue      
   Stabilization  Fund  balance  and  provides  for  transfers  into  the      
   Educational Assistance Fund  when  that  maximum  is  met.   Effective      
          FISCAL NOTE (Comptroller)                                            
          Fiscal impact will vary year by year. For FY1996, the Gov's.         
          budget would have included $42.5 M to move money from general        
          funds to the Revenue Stabilization Fund (the .25% rule). For         
          FY1996, this .25% amount actually equaled $44.8 M, reflective        
          of revenues that were higher than originally estimated.              
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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