Provides relative to the Budget Stabilization Fund. (See Act) (EG +$25,000,000 GF RV See Note)
Impact
The anticipated impact of SB 146 on state laws involves a more structured approach to managing the Budget Stabilization Fund, which is crucial for Louisiana's financial health, particularly during economic volatility. It aims to prevent the fund from exceeding designated limits while still allowing for necessary flexibility in funding state operations. This will enhance fiscal discipline and potentially improve the state's creditworthiness by ensuring responsible financial practices.
Summary
Senate Bill 146 aims to amend the provisions related to Louisiana's Budget Stabilization Fund, including adjusting the rules surrounding deposits and appropriations to the fund. Key changes proposed include maintaining a maximum balance of $1 billion in the fund and allowing deposits from mineral revenues to resume incrementally after certain conditions are met. The bill seeks to refine the existing framework to ensure that the fund can effectively stabilize the state's budget during fiscal downturns while still safeguarding against over-appropriation.
Sentiment
The sentiment surrounding SB 146 appears to be largely supportive among legislators focused on fiscal responsibility. Proponents argue that the bill's changes will strengthen the state's financial standing and help prevent unsustainable spending practices. However, there are apprehensions among some stakeholders regarding the potential restrictions on the fund's use, especially during critical budgetary crises, which could lead to debates about the adequacy of funding for essential state services.
Contention
Notable points of contention include discussions around the appropriations process for the Budget Stabilization Fund, especially related to how the proposed limits could impact the state's ability to respond flexibly in times of fiscal distress. Critics might raise concerns that stringent rules could hinder quick responsiveness to emergencies or significant revenue shortfalls, highlighting the tension between maintaining a stable budget fund and providing for the immediate fiscal needs of the state.
Provides for the creation of the Budget and Transportation Stabilization Trust from the Budget Stabilization Fund and provides for use of monies in the fund. (See Act) (EN SEE FISC NOTE SD RV See Note)
Provides relative to the disposition of certain state revenues through repeal of the Revenue Stabilization Trust Fund and dedication of certain revenues to the Budget Stabilization Fund. (EG SEE FISC NOTE GF RV See Note)
Constitutional amendment to rename the Budget Stabilization Fund to the Budget and Transportation Stabilization Trust and to provide for use of monies in the fund. (2/3s CA 13s 1 (A)) (EN SEE FISC NOTE SD RV See Note)
Relating to making supplemental appropriations and reductions in appropriations and giving direction and adjustment authority regarding appropriations.
Relating to making supplemental appropriations and reductions in appropriations and giving direction, including direction regarding reimbursement, and adjustment authority regarding appropriations.
Authorizes the Dept. of State to temporarily close certain public facilities and museums when funds are not appropriated or otherwise made available from other sources for the operation. (gov sig)