RÉSUMÉ DIGEST
Act 257 (SB 122) 2015 Regular Session Adley
Present constitution in Article VII, Section 10.3 and prior law establish the Budget
Stabilization 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 prior law provide that the base may be increased every 10 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.
New law retains prior 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 the governor (June 29, 2015).
(Amends R.S. 39:94(A)(2)(a)(intro para))