Amendment AA2-AB768

LRBb2796/1

KSH:jlg:km

1997 - 1998 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO 1997 ASSEMBLY BILL 768

April 23, 1998 - Offered by Representative Hanson.

AB768-AA2,1,1 At the locations indicated, amend the bill as follows:

AB768-AA2,1,3 1. Page 9, line 12: after "limitations;" insert "the budget stabilization fund and making appropriations;".

AB768-AA2,1,4 2. Page 46, line 16: after that line insert:

AB768-AA2,1,5 " Section 17m. 16.465 of the statutes is repealed and recreated to read:

AB768-AA2,1,8 16.465 Budget stabilization fund reallocations. (1) Definition. In this section, "general fund summary" means the general fund summary under s. 20.005 (1), as contained in the biennial budget act or as approved under s. 20.004 (2).

AB768-AA2,2,2 (2) Transfers to the budget stabilization fund. If, at the end of any fiscal year, the unencumbered balance of the general fund for that fiscal year, less the required balance under s. 20.003 (4) for that fiscal year, exceeds the estimated net general fund balance contained in the general fund summary for that fiscal year, the secretary shall transfer, from the general fund to the budget stabilization fund, an amount equal to the lesser of the following:

AB768-AA2,2,6 (a) Twenty percent of the amount by which the unencumbered balance of the general fund for that fiscal year, less the required balance under s. 20.003 (4) for that fiscal year, exceeds the estimated net general fund balance contained in the general fund summary for that fiscal year.

AB768-AA2,2,10 (b) The amount needed to bring the balance of the budget stabilization fund to an amount equal to 5% of total of the amounts appropriated from sum certain appropriations from the general fund for that fiscal year and the amounts of estimated expenditures from sum sufficient appropriations from the general fund.

AB768-AA2,2,14 (3) Transfers from the budget stabilization fund. (a) To the extent permitted under par. (b), the secretary shall transfer moneys from the budget stabilization fund to the general fund to the extent necessary to ensure that the balance of the general fund will not fall below the required general fund balance under s. 20.003 (4).

AB768-AA2,2,17 (b) The secretary may not transfer moneys from the budget stabilization fund to the general fund under par. (a) in a fiscal year unless at least one of the following conditions is met:

AB768-AA2,2,19 1. The general fund revenues in that fiscal year, as estimated by the secretary, will be less than the general fund revenues for the preceding fiscal year.

AB768-AA2,2,23 2. The general fund revenues for that fiscal year are lower than estimated for that fiscal year in the general fund summary and the secretary determines that the overestimate is due to less than expected economic activity, rather than a reduction in the level of taxes or fees.".

AB768-AA2,2,24 3. Page 47, line 16: after that line insert:

AB768-AA2,3,2 " Section 21g. 20.002 (11) (c) of the statutes is renumbered 20.002 (11) (c) 1. and amended to read:

AB768-AA2,3,13 20.002 (11) (c) 1. The secretary of administration may assess a special interest charge against the programs or activities utilizing surplus moneys within the same fund under this subsection in an amount not to exceed the daily interest earnings rate of the state investment fund during the period of transfer of surplus moneys to other accounts or programs. Except as provided in s. 16.465 subd. 2., the secretary shall assess a special interest charge against the fund utilizing surplus moneys under this subsection in an amount equal to the rate of return the state investment fund earnings would have created to the fund from which the reallocation was made. This interest shall be calculated and credited to the appropriate fund at the same time the earnings from the state investment fund are distributed and shall be considered an adjustment to those earnings.

AB768-AA2, s. 21h Section 21h. 20.002 (11) (c) 2. of the statutes is created to read:

AB768-AA2,3,16 20.002 (11) (c) 2. The secretary of administration may not assess interest on the general fund for a reallocation from the budget stabilization fund.".

AB768-AA2,3,17 4. Page 58, line 14: after that line insert:

AB768-AA2,3,18 " Section 56g. 20.875 (1) (a) of the statutes is repealed and recreated to read:

AB768-AA2,3,20 20.875 (1) (a) General fund transfer. A sum sufficient to make the transfers required under s. 16.465 (2).

AB768-AA2, s. 56r Section 56r. 20.875 (2) (q) of the statutes is repealed and recreated to read:

AB768-AA2,3,23 20.875 (2) (q) Budget stabilization fund transfer. A sum sufficient to make the transfers required under s. 16.465 (3).".

AB768-AA2,3,24 5. Page 374, line 13: after that line insert:

AB768-AA2,4,4 "(3c) The treatment of sections 16.465 and 20.875 (1) (a) and (2) (q) of the statutes, the renumbering and amendment of section 20.002 (11) (c) of the statutes and the creation of section 20.002 (11) (c) 2. of the statutes take effect on July 1, 1999.".

AB768-AA2,4,5 (End)