HB 3169: Expenditure limit

Summary

• $ A newly created Expenditure Limit Committee, rather than the Office of Financial Management, will adjust and project the State General Fund expenditure limit.
• $ Certain types of fiscal transactions taken after July 1, 2000, will constitute money transfers for the purpose of calculating the expenditure limit.
• $ If moneys or programs are transferred into the State General Fund, the expenditure limit will increase .
• $ For fiscal year 2000 and thereafter, the State Treasurer must make transfers between the general fund, the Emergency Reserve Fund, and the Education Construction Fund as necessary to reconcile annual revenues and the expenditure limit.
• $ The balance in the Emergency Reserve Fund is limited to 5 percent of annual, rather than biennial, revenues, which permits earlier deposit of the excess fund balance into the Education Construction Fund.

From the House Bill Report (HB 3169), written by the Legislature's nonpartisan staff. Read the full report ↗