SS/SB 28 - This act codifies the process of reaching a consensus revenue estimate for budgeting purposes. In addition to the governor's revenue estimate for a fiscal year, the senate and the house of representatives shall concurrently prepare estimates of general revenue. If all three bodies agree on a revenue estimate, then such estimate shall be used for appropriation matters. If one legislative body and the governor agree on a revenue estimate, then such estimate shall be used. If the governor and either the senate or the house of representatives cannot agree on an estimate, then the lowest net estimate of general revenue shall be used, provided that such estimate is not more than one percent lower than the second lowest estimate. In such case, the second lowest estimate shall be used. The final budget submitted by the governor to the general assembly shall not exceed 98% of the net estimate of general revenue as determined by this act.

This act provides that the maximum amount of all general revenue appropriations, excluding appropriations for refunds, shall not exceed 98% of the net estimate of general revenue as determined in accordance with this act. The limits created by this act shall not prevent any voter-approved expenditure from general revenue.

Any general revenue received by the state that would otherwise be available for appropriation except for the provisions of this act shall be transferred to the Supplemental Budget Stabilization Fund, which is created by the act. The Fund shall be a separate subaccount of the general revenue fund. 100% of the balance of the fund on the first day of the fiscal year shall be available for appropriation in that fiscal year or any subsequent fiscal year. The state treasurer shall be custodian of the fund and shall approve disbursements from the fund.

This act is similar to HB 2231 (2002).
JIM ERTLE