Budget Stabilization Fund

TITLE 57 PUBLIC FUNDS IN GENERAL CHAPTER 8 FUNDS CONSOLIDATION ACT 57-814. BUDGET STABILIZATION FUND. (1) There is hereby created in the state treasury the budget stabilization fund for the purpose of meeting general fund revenue shortfalls and to meet expenses incurred as the result of a major disaster declared by the governor. All moneys in the budget reserve account at the date of approval of this act shall be transferred to the budget stabilization fund. Interest earnings from the investment of moneys in this fund by the state treasurer shall be credited to the permanent building account subject to the provisions of section 67-1210 , Idaho Code. (2)  Subject to the requirements of section 63-3203 , Idaho Code, the state controller shall annually transfer moneys from the general fund to the budget stabilization fund subject to the following criteria: (a)  If the state controller certifies that the receipts to the general fund for the fiscal year just ending have exceeded the receipts of the previous fiscal year by more than four percent (4%), then the state controller shall transfer all general fund collections in excess of said four percent (4%) increase to the budget stabilization fund, up to a maximum of one percent (1%) of the actual general fund collections of the prior fiscal year. The state controller shall make the transfer upon the financial close of the current fiscal year. (b)  The amount of moneys in the budget stabilization fund shall not exceed fifteen percent (15%) of the total general fund receipts for the fiscal year just ending. (c)  The state controller shall transfer moneys in the budget stabilization fund in excess of the limit imposed in subsection (2)(b) of this section to the general fund. (3)  If a majority of the membership of each house of the legislature adopt a concurrent resolution requesting the amount of the transfer specified in subsection (2) of this section be reduced, the state controller shall reduce the amount of the transfer. (4)  Appropriations of moneys from the budget stabilization fund in any year shall be limited to fifty percent (50%) of the fund balance after the fund balance has reached ten percent (10%) of total general fund receipts for the fiscal year just ending.