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H.B. 195

             1     

BUDGETARY PROCEDURES ACT REVISIONS

             2     
2013 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Ken Ivory

             5     
Senate Sponsor: Stephen H. Urquhart

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill modifies a provision of the Budgetary Procedures Act relating to revenue
             10      volatility reporting.
             11      Highlighted Provisions:
             12          This bill:
             13          .    requires the revenue volatility report prepared by the Legislative Fiscal Analyst and
             14      the Governor's Office of Planning and Budget to consider federal funding changes
             15      and to recommend changes to amounts or limits of reserve funds, if considered
             16      appropriate.
             17      Money Appropriated in this Bill:
             18          None
             19      Other Special Clauses:
             20          None
             21      Utah Code Sections Affected:
             22      AMENDS:
             23          63J-1-205, as last amended by Laws of Utah 2011, Chapter 384
             24     
             25      Be it enacted by the Legislature of the state of Utah:
             26          Section 1. Section 63J-1-205 is amended to read:
             27           63J-1-205. Revenue volatility report.


             28          (1) Beginning in 2011 and continuing every three years after 2011, the Legislative
             29      Fiscal Analyst and the Governor's Office of Planning and Budget shall, by December 20,
             30      submit a joint revenue volatility report to the Executive Appropriations Committee.
             31          (2) The Legislative Fiscal Analyst and the Governor's Office of Planning and Budget
             32      shall ensure that the report:
             33          (a) discusses the tax base and the tax revenue volatility of the revenue streams that
             34      provide the source of funding for the state budget;
             35          (b) considers federal funding included in the state budget and any projected changes in
             36      the amount or value of federal funding;
             37          [(b)] (c) identifies the balances in the General Fund Budget Reserve Account and the
             38      Education Fund Budget Reserve Account; [and]
             39          [(c)] (d) analyzes the adequacy of the balances in the General Fund Budget Reserve
             40      Account and the Education Fund Budget Reserve Account in relation to the volatility of the
             41      revenue streams[.] and the risk of a reduction in the amount or value of federal funding; and
             42          (e) recommends changes to the deposit amounts or transfer limits established in
             43      Sections 63J-1-312 and 63J-1-313 , if the Legislative Fiscal Analyst and Governor's Office of
             44      Planning and Budget consider it appropriate to recommend changes.




Legislative Review Note
    as of 2-7-13 10:24 AM


Office of Legislative Research and General Counsel


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