Amendment ASA1-AB272

AB272-ASA1,4,13 16.50 (8) Deficit increase. (a) If, following the publishing of any comprehensive annual financial report, the secretary determines that the sum of the unreserved balance of the general fund in that report, the balance of the generally accepted accounting principles deficit reduction fund in that report, and any amount transferred to the budget stabilization fund during the fiscal year covered by the report is a larger negative amount than the sum of the unreserved balance of the general fund and the balance of the generally accepted accounting principles deficit reduction 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.

AB272-ASA1,4,18 (b) Following the notification under par. (a), the governor shall submit a bill containing his or her recommendations for eliminating the difference identified in par. (a). If the most recently published comprehensive annual financial report 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).

AB272-ASA1, s. 10 Section 10. 16.518 (title) of the statutes is amended to read:

AB272-ASA1,4,22 16.518 (title) Transfers to the budget stabilization fund and the cash building projects generally accepted accounting principles deficit reduction fund.

AB272-ASA1, s. 11 Section 11. 16.518 (4) and (5) of the statutes are created to read:

AB272-ASA1,5,3 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.

AB272-ASA1,5,7 (b) 1. If the balance of the budget stabilization fund on June 30 of the fiscal year is at least equal to 5 percent 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).

AB272-ASA1,5,11 2. Except as provided in subd. 1., if the balance of the general fund on June 30 of the fiscal year is less than the amount of the general fund balance that is required under s. 20.003 (4) for that fiscal year, the secretary shall transfer the entire balance of the general fund under par. (a), unless the balance is negative.

AB272-ASA1,5,15 (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.

AB272-ASA1,5,17 (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).

AB272-ASA1,5,20 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).

AB272-ASA1,5,24 3. Except as provided in subds. 1. and 2., if the balance of the general fund on June 30 of the fiscal year is less than the amount of the general fund balance that is required under s. 20.003 (4) for that fiscal year, the secretary shall transfer the entire balance of the general fund under par. (a), unless the balance is negative.

AB272-ASA1, s. 12 Section 12. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert the following amounts for the purposes indicated: - See PDF for table

AB272-ASA1, s. 13 Section 13. 20.875 (1) (a) of the statutes is amended to read:

AB272-ASA1,6,5 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).

AB272-ASA1, s. 14 Section 14. 20.877 of the statutes is created to read:

AB272-ASA1,6,9 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:

AB272-ASA1,6,11 (a) General fund transfer. A sum sufficient equal to the amount that is required to be transferred under s. 16.518 (5).

AB272-ASA1,6,13 (2) Transfers from fund. There is appropriated from the generally accepted accounting principles deficit reduction fund to the general fund:

AB272-ASA1,6,15 (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.

AB272-ASA1, s. 15 Section 15. 25.17 (1) (fr) of the statutes is created to read:

AB272-ASA1,7,2 25.17 (1) (fr) Generally accepted accounting principles deficit reduction fund. (s. 25.64).

AB272-ASA1, s. 16 Section 16. 25.60 of the statutes is amended to read:

AB272-ASA1,7,11 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 ss. 13.48 (14) (c), 16.518 (3) and (4), and 16.72 (4) (b). 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 percent or less of estimated general fund revenues under s. 20.005 (1), as published in the biennial budget act or acts.

AB272-ASA1, s. 17 Section 17. 25.64 of the statutes is created to read:

AB272-ASA1,7,19 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 (1g).

AB272-ASA1, s. 18 Section 18. Effective dates.

AB272-ASA1,7,21 (1) This act takes effect on the day after publication, except as follows:

AB272-ASA1,7,23 (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.

AB272-ASA1,8,2 (b) The treatment of sections 16.50 (8), 16.518 (4) and (5), 20.875 (1) (a), and 20.877 (1) (a) of the statutes takes effect on July 1, 2007.

AB272-ASA1,8,3 (End)