Budget shortfall reserve accounts.

2017
STATE OF WYOMING
17LSO-0264
Introduced
1.3

House

Joint Resolution
NO.

HJ0006

Budget shortfall reserve accounts.

Sponsored by:
Representative(s) Madden and Senator(s) Von Flatern

A
JOINT RESOLUTION

for

A JOINT RESOLUTION proposing to amend the Wyoming Constitution to specify the maximum amount of funds allowed in reserve accounts created to address budget shortfalls and to provide limitations on the appropriation or transfer of funds from such accounts.

BE
IT RESOLVED BY THE LEGISLATURE OF THE STATE OF WYOMING,
two-thirds of all the members of the two houses, voting separately, concurring therein:

Section 1.
The following proposal to
amend
Wyoming Constitution, Article
15
,
by creating a new
Section
21
is proposed for submission to the electors of the State of
Wyoming at the next general election for approval or rejection to become valid as a part of the Constitution if ratified by a majority of the electors at the election:

Article 15, Section 21.

R
eserve account
s
;
limitation
s
.

(a)

The legislature may

appropriate
,
or designate by law
,

funds
to be deposited in
one (1) or more
reserve account
s
for the purpose of
future
expenditure
to
resolv
e
budget
shortfalls
. The
balance of

all such accounts
shall not exceed the total of all general fund appropriations
authorized for expenditure
during the
same

fiscal
biennium.
Any balance which exceeds this limitation shall be transferred on the last day of the applicable fiscal biennium to the state's general fund.

(b)

Total
appropriation
s

and
transfer
s
of funds
from any such
reserve account in any
fiscal
biennium shall
not
exceed one-
quarter
(1/
4
) of the balance of the account.
Additionally, not more than one-half (1/2) of the forecasted shortfall for the general operations of state
government and the state support of public schools shall be met by the funds in all such reserve accounts.
The legislature shall prescribe by law additional limitations and authorizations for expenditure of such reserve accounts in consideration of immediate and long-term anticipated budget shortfalls.

Section 2.
That the Secretary of State shall endorse the following statement on the proposed amendment:

The adoption of this amendment would
limit the
maximum amount
of
funds
to be held in l
egislative
ly created re
serve
a
ccount
s created to provide funds for potential budget shortfalls, whether previously established by law or established in the future. The amendment also limits the amoun
t of funds
the
l
egislature
may
appropriate or transfer from
such accounts
in any fiscal biennium for the purpose of resolving budget
shortfalls
and requires
further limits on those appropriations to be established by law. This amendment would be applicable to the previously established Legislative Stabilization Reserve Account
as well as other accounts created to address future budget shortfalls
.

(END)

1
HJ0006