HB 2995’s intent is to revise the four-year balanced budget process to consider one-half of the regular annual transfer to the budget stabilization account as available for balancing purposes when determining balance in the ensuing fiscal biennium. The bill mandates that beginning in the 2013-2015 fiscal biennium the legislature shall adopt a four-year balanced budget as follows: 1) the legislature shall enact a balanced omnibus operating appropriations bill that leaves, in total, a positive ending balance in the general fund and related funds; and 2) the projected maintenance level of the omnibus appropriations bills enacted by the legislature shall not exceed the available fiscal resources for the next ensuing fiscal biennium.
The bill stipulates that the mandates of this bill do not apply to an appropriations bill that makes net reductions in general fund and related fund appropriations and is enacted between July 1 and February 15 of a fiscal year. In addition, the bill stipulates that aspect of the bill focused on the maintenance level of the omnibus appropriations bill does not apply in a fiscal biennium in which money is appropriated from the budget stabilization account.
