Iowa SJR 20: A joint resolution proposing an amendment to the Constitution of the State of Iowa relating to the state budget by creating a state general fund expenditure limitation. (Formerly SJR 2.)

Bill Text

Senate
Joint
Resolution
20
-
Introduced

SENATE
JOINT
RESOLUTION
20

BY
COMMITTEE
ON
APPROPRIATIONS

(SUCCESSOR
TO
SJR
2)

SENA
TE
JOINT
RESOLUTION

A
Joint
Resolution
proposing
an
amendment
to
the
Constitution
1

of
the
State
of
Iowa
relating
to
the
state
budget
by
2

creating
a
state
general
fund
expenditure
limitation.
3

BE
IT
RESOLVED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4

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1635SV
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S.J.R.
20

Section
1.
The
following
amendment
to
the
Constitution
of
1

the
State
of
Iowa
is
proposed:
2

The
Constitution
of
the
State
of
Iowa
is
amended
by
adding
3

the
following
new
section
to
a
new
Article:
4

ARTICLE
_____.
5

EXPENDITURE
LIMITATION.
6

Section
1.
General
fund
expenditure
limitation.
7

1.
For
the
purposes
of
this
section:
8

a.
“Adjusted
revenue
estimate”
means
the
most
recent
revenue
9

estimate
determined
before
January
1,
or
a
later
and
lower
10

revenue
estimate
determined
before
adjournment
of
the
regular
11

session
of
the
general
assembly,
for
the
general
fund
for
the
12

following
fiscal
year,
as
determined
by
the
revenue
estimating
13

conference,
adjusted
by
subtracting
estimated
refunds
payable
14

from
that
estimated
revenue.
However,
if
the
state
general
15

fund
expenditure
limitation
is
calculated
based
upon
the
16

adjusted
revenue
estimate
and
not
based
upon
the
net
revenue
17

estimate
and
the
general
assembly
holds
an
extraordinary
18

session
prior
to
the
commencement
of
the
fiscal
year
to
which
19

the
adjusted
revenue
estimate
applies
and
if
before
or
during
20

the
extraordinary
session
the
revenue
estimating
conference
21

determines
a
lower
revenue
estimate,
the
lower
estimate
shall
22

be
used
for
calculating
the
adjusted
revenue
estimate.
23

b.
“Current
fiscal
year”
means
the
fiscal
year
preceding
24

the
fiscal
year
to
which
the
state
general
fund
expenditure
25

limitation
applies.
26

c.
“General
fund”
means
the
principal
operating
fund
of
the
27

state.

28

d.
“Net
revenue
estimate”
means
the
most
recent
revenue
29

estimate
determined
before
January
1,
or
a
later
and
lower
30

estimate
determined
before
adjournment
of
the
regular
31

session
of
the
general
assembly,
for
the
general
fund
32

for
the
current
fiscal
year,
as
determined
by
the
revenue
33

estimating
conference,
and
adjusted
by
subtracting
estimated
34

refunds
payable
from
that
estimated
revenue.
However,
if
35

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1635SV
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ns/tm
1/
5

S.J.R.
20

the
state
general
fund
expenditure
limitation
is
calculated
1

based
upon
the
net
revenue
estimate
and
not
based
upon
the
2

adjusted
revenue
estimate
and
the
general
assembly
holds
an
3

extraordinary
session
prior
to
the
completion
of
the
fiscal
4

year
to
which
the
net
revenue
estimate
applies
and
if
before
5

or
during
the
extraordinary
session
the
revenue
estimating
6

conference
determines
a
lower
revenue
estimate
for
the
current
7

fiscal
year,
the
lower
estimate
shall
be
used
for
calculating
8

the
net
revenue
estimate
for
the
general
fund.
9

e.
“New
revenue”
means
moneys
received
by
the
general
fund
10

due
to
increased
tax
rates
or
fees
or
newly
created
taxes
or
11

fees
over
and
above
those
moneys
received
by
the
general
fund
12

due
to
state
taxes
or
fees
in
effect
as
of
January
1
following
13

the
most
recent
meeting
of
the
revenue
estimating
conference.
14

“New
revenue”
also
includes
moneys
received
by
the
general
15

fund
due
to
new
transfers
to
the
general
fund
over
and
above
16

those
moneys
received
by
the
general
fund
due
to
transfers
in
17

effect
as
of
January
1
following
the
most
recent
meeting
of
the
18

revenue
estimating
conference.
19

2.
A
state
general
fund
expenditure
limitation
is
created,
20

as
calculated
in
subsection
3,
for
each
fiscal
year
beginning
21

on
or
after
July
1
following
ratification
by
the
voters
of
this
22

amendment
to
the
Constitution
of
the
State
of
Iowa.
23

3.
The
state
general
fund
expenditure
limitation
for
a
24

fiscal
year
shall
be
the
lesser
of
the
following
amounts:
25

a.
Ninety-nine
percent
of
the
adjusted
revenue
estimate
for
26

the
following
fiscal
year
for
the
general
fund.
27

b.
One
hundred
four
percent
of
the
current
fiscal
year
net
28

revenue
estimate
for
the
general
fund.
29

4.
The
state
general
fund
expenditure
limitation
shall
be
30

used
by
the
governor
in
the
preparation
and
approval
of
the
31

budget
and
by
the
general
assembly
in
the
budget
process.
32

5.
If
a
new
revenue
source
is
proposed,
the
budget
revenue
33

projection
used
for
that
new
revenue
source
for
the
period
34

beginning
on
the
effective
date
of
the
new
revenue
source
and
35

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S.J.R.
20

ending
in
the
fiscal
year
in
which
that
source
is
included
in
1

the
adjusted
revenue
estimate
or
the
net
revenue
estimate,
2

as
applicable,
shall
be
ninety-five
percent
of
the
amount
3

remaining
after
subtracting
estimated
refunds
payable
from
the
4

projected
revenue
from
that
source.
5

6.
If
a
revenue
decrease
is
proposed,
the
projection
for
the
6

revenue