HCS SCS SB 313 -- FEDERAL ECONOMIC STIMULUS FUNDS

SPONSOR:  Nodler (Icet)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Rules by a
vote of 12 to 0.

This substitute creates two separate funds in the state treasury
to receive moneys provided under the federal American Recovery
and Reinvestment Act of 2009.  The Federal Budget Stabilization
Fund will consist of moneys received from the federal act which
are intended to assist with state budget stabilization and the
Federal Stimulus Fund will consist of all other moneys received
under the act that are not otherwise allocable to the Federal
Budget Stabilization Fund.  Moneys received relating to
unemployment compensation and the federal Safe Drinking Water
Program are excluded from the depository requirements.

The State Treasurer is authorized to create new funds or
re-designate moneys to other existing funds to avoid any conflict
with the federal act.

The substitute contains an emergency clause.

FISCAL NOTE:  No impact on state funds in FY 2010, FY 2011, and
FY 2012.

PROPONENTS:  Supporters say that by creating these specific funds
the state will be able to segregate and track federal stimulus
moneys and avoid co-mingling them with other state funds.

Testifying for the bill was Representative Icet for Senator
Nodler.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am