AB178: Bill Text

AB178, s. 5 Section 5. 16.40 (3) (title) of the statutes is amended to read:

AB178,4,15 16.40 (3) (title) Prepare budgetary basis annual financial statement.

AB178, s. 6 Section 6. 16.40 (3m) of the statutes is created to read:

AB178,4,21 16.40 (3m) Prepare annual financial statement based on generally accepted accounting principles. Prepare at the end of each fiscal year not later than December 31, a financial statement for the state in accordance with generally accepted accounting principles as promulgated by the governmental accounting standards board.

AB178, s. 7 Section 7. 16.46 (9) of the statutes is repealed and recreated to read:

AB178,4,25 16.46 (9) The estimated impact of the recommendations in the biennial budget bill or bills on the general fund balance in the most recently published comprehensive annual financial report.

AB178, s. 8 Section 8. 16.50 (7) (b) of the statutes is amended to read:

AB178,5,11 16.50 (7) (b) Following such notification, the governor shall submit a bill containing his or her recommendations for correcting the imbalance between projected revenues and authorized expenditures, including, if the imbalance is caused by actual general fund revenues being 98% or less of estimated general fund revenues under s. 20.005 (1) as published in the biennial budget act or acts, a recommendation as to whether moneys should be transferred from the budget stabilization fund to the general fund. If the legislature is not in a floorperiod at the time of the secretary's notification, the governor shall call a special session of the legislature to take up the matter of the projected revenue shortfall and the governor shall submit his or her bill for consideration at that session.

AB178, s. 9 Section 9. 16.50 (8) of the statutes is created to read:

AB178,5,19 16.50 (8) Deficit increase. (a) If following the publishing of any comprehensive annual financial report the secretary determines that the unreserved balance of the general fund in that report is a larger negative amount than the unreserved balance of the general fund in the comprehensive annual financial report for the previous fiscal year, the secretary shall immediately notify the governor, the presiding officers of each house of the legislature, and the joint committee on finance of the difference.

AB178,6,2 (b) Following such notification, the governor shall submit a bill containing his or her recommendations for eliminating the difference, so that the unreserved balance in the most recently published comprehensive annual financial report, as adjusted by the governor's recommendations, is no less than the unreserved balance in the comprehensive annual financial report for the previous fiscal year. If the comprehensive annual financial report that contains the larger negative unreserved balance was published in an even-numbered year, the governor may include his or her recommendations in an executive budget bill introduced under s. 16.47 (1m).

AB178, s. 10 Section 10. 16.518 (title) of the statutes is amended to read:

AB178,6,6 16.518 (title) Transfers to the budget stabilization fund and the cash building projects generally accepted accounting principles deficit reduction fund.

AB178, s. 11 Section 11. 16.518 (4) and (5) of the statutes are created to read:

AB178,6,12 16.518 (4) (a) Subject to par. (b) and after making any transfer under sub. (3) or determining that no transfer is required under sub. (3), the secretary shall annually transfer from the general fund to the budget stabilization fund an amount equal to the amount of the general fund balance that is required under s. 20.003 (4) for that fiscal year.

AB178,6,16 (b) If the balance of the budget stabilization fund on June 30 of the fiscal year is at least equal to 5% of the estimated expenditures from the general fund during the fiscal year, as reported in the summary, the secretary may not make the transfer under par. (a).

AB178,6,20 (5) (a) Subject to par. (b), the secretary shall annually transfer from the general fund to the generally accepted accounting principles deficit reduction fund an amount equal to the amount of the general fund balance required under s. 20.003 (4) for that fiscal year.

AB178,6,22 (b) 1. The secretary may not make the transfer under par. (a) in a fiscal year if the secretary made a transfer in the fiscal year under sub. (4).

AB178,6,25 2. If the unreserved balance of the general fund in the comprehensive annual financial report for the previous fiscal year is at least $0, the secretary may not make the transfer under par. (a).

AB178, s. 12 Section 12. 20.875 (1) (a) of the statutes is amended to read:

AB178,7,3 20.875 (1) (a) General fund transfer. A sum sufficient equal to the amount that is required to be transferred under s. 16.518 (3) and (4).

AB178, s. 13 Section 13. 20.877 of the statutes is created to read:

AB178,7,7 20.877 Generally accepted accounting principles deficit reduction fund. (1) Transfers to fund. There is appropriated to the generally accepted accounting principles deficit reduction fund:

AB178,7,9 (a) General fund transfer. A sum sufficient equal to the amount that is required to be transferred under s. 16.518 (5).

AB178,7,11 (2) Transfers from fund. There is appropriated from the generally accepted accounting principles deficit reduction fund to the general fund:

AB178,7,13 (a) Generally accepted accounting principles deficit reduction fund transfer. The amounts in the schedule to be transferred no later than October 15 of each year.

AB178, s. 14 Section 14. 25.17 (1) (fr) of the statutes is created to read:

AB178,7,16 25.17 (1) (fr) Generally accepted accounting principles deficit reduction fund. (s. 25.64).

AB178, s. 15 Section 15. 25.60 of the statutes is amended to read:

AB178,7,24 25.60 Budget stabilization fund. There is created a separate nonlapsible trust fund designated as the budget stabilization fund, consisting of moneys transferred to the fund from the general fund under s. 16.518 (3). and (4). Moneys in this fund are reserved for a transfer from the fund to the general fund to provide state revenue stability during periods of below-normal economic activity when actual general fund revenues are 98% or less of estimated general fund revenues under s. 20.005 (1), as published in the biennial budget act or acts.

AB178, s. 16 Section 16. 25.64 of the statutes is created to read:

AB178,8,7 25.64 Generally accepted accounting principles deficit reduction fund. There is created a separate nonlapsible trust fund designated as the generally accepted accounting principles deficit reduction fund, consisting of moneys transferred to the fund from the general fund under s. 16.518 (5). Moneys in this fund are reserved to increase any unreserved balance of the general fund reported as a negative amount in the most recent comprehensive annual financial report, as defined in s. 16.002 (1).

AB178, s. 17 Section 17. Effective dates.

AB178,8,9 (1) This act takes effect on the day after publication, except as follows:

AB178,8,11 (a) The treatment of section 13.093 (2) (a) of the statutes takes effect on the first day of the 9th month beginning after publication.

AB178,8,14 (b) The treatment of section 20.875 (1) (a) of the statutes and the creation of sections 16.50 (8), 16.518 (4) and (5), and 20.877 (1) (a) of the statutes take effect on July 1, 2005.

AB178,8,15 (End)