The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Jay R. Lueckel.
DIGEST
SB 122 Engrossed 2015 Regular Session Adley
Present constitution in Article VII, Section 10.3 and present law establish the Budget Stablization
Fund in the state treasury. It provides that monies shall be deposited into the fund as follows:
(1)All money available for appropriation from the state general fund and dedicated funds in
excess of the expenditure limit (excluding severance and royalty payments to eligible local
governments).
(2)All revenues received in each fiscal year by the state in excess of $850 million (originally
$750 million), referred to as the base, as a result of recurring mineral revenues, any revenues
received by the state as a result of grants or donations, and revenues derived from any tax on
the transportation of minerals.
Present constitution and present law provide that the base may be increased every ten years
beginning in the year 2000 by a law enacted by a two-thirds vote of the elected members of each
house of the legislature. Such increase shall not exceed 50% in the aggregate of the increase in the
consumer price index for the immediately preceding ten years. The original constitutional amount
of $750 million was changed to $850 million in 2004 as provided by law.
Proposed law retains present law but increases the base from $850 million to $950 million; requires
a two-thirds vote of the elected members of each house of the legislature.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 39:94(A)(2)(a)(intro para))