RÉSUMÉ DIGEST
Act 473 (SB 202) 2015 Regular Session Adley
Present constitution establishes the Budget Stabilization Fund in the state treasury. Proposed
constitutional amendment changes name of the fund from the Budget Stabilization Fund to
the Budget and Transportation Stabilization Trust (the Trust) in constitution.
Present constitution provides for deposits of mineral revenues in the Budget Stabilization
Fund in excess of the base and authorizes the base to be increased every 10 years by a law
enacted by two-thirds of the elected members of each house of the legislature. Proposed
constitutional amendment retains present constitution except it changes the time period for
the base to be increased, beginning in 2014, from 10 years to five years.
Proposed constitutional amendment creates the Budget Stabilization Subfund and the
Transportation Stabilization Subfund in the Budget and Transportation Stabilization Trust
and provides that at the beginning of each fiscal year, mineral revenues shall be allocated and
deposited into the subfunds as follows:
(1)Beginning in Fiscal Year 2015-2016, mineral revenues in excess of the base shall be
deposited in the Budget Stabilization Subfund until the balance in the fund equals
and shall be maintained in the amount of $500 million.
(2)Once the balance in the Budget Stabilization Subfund equals $500 million, mineral
revenues shall be deposited into the Transportation Stabilization Subfund at the
beginning of the next fiscal year until the balance in the Transportation Stabilization
Subfund equals and shall be maintained in the amount of $500 million. Thereafter,
any excess mineral revenues shall be deposited into the state general fund. The
legislature may appropriate additional monies into either the Budget Stabilization
Subfund or the Transportation Stabilization Subfund.
Proposed constitutional amendment provides that monies in the Transportation
Stabilization Subfund shall be appropriated by the legislature and used solely and
exclusively for planning, design, construction, and maintenance connected with the
state highway program, provided that at least 20% of the funds appropriated from the
Transportation Stabilization Subfund shall be used only for the Louisiana Intermodal
Connector Program within DOTD.
(3)No deposit of mineral revenues shall be made in any fiscal year in which money in
the fund is appropriated for use or incorporated into the official forecast or in the
ensuing fiscal year, except by specific appropriation by the legislature.
Specifies submission of the amendment to the electors of the state at the statewide election
to be held on October 24, 2015.
(Amends Const. Art. VII, Sec. 10(D)(2)(d), 10.3(A)(intro para) and (A)(2)(a)(intro para) and
(b), and 10.5(B); adds Art. VII, Sec. 10.3(A)(2)(c))