Constitutional amendment relative to the enactment of the budget for the next fiscal year and provides for the restoration of monies to funds under certain circumstances. (2/3-CA13s1(A)) (OR SEE FISC NOTE GF RV)
Impact
If passed, SB 119 would amend Article VII, Section 10(F)(2)(b) of the Louisiana Constitution, changing the current process by which funds may be appropriated in times of revenue decline. This could lead to a more stable financial environment for the state, allowing for better planning and execution of budgetary needs. The restoration clause aims to ensure that should there be a recovery in revenues later in the fiscal year, previously allocated funds would return to the original funds from which they were derived, thereby potentially reducing budget deficits.
Summary
Senate Bill 119 proposes a constitutional amendment concerning the enactment of the state budget for the next fiscal year. This amendment allows for the restoration of certain funds under specific circumstances when the official forecast of recurring revenues falls by one percent or more below the current fiscal year's revenues. The aim of this bill is to provide flexibility in financial management for the state, enabling funds that were initially appropriated for a different purpose to be restored to their original allocations if future revenue estimates improve.
Sentiment
The sentiment surrounding SB 119 appears to be generally supportive among legislators who see it as a necessary modernization of budgetary practices. Advocates argue that it enhances the capacity of the state to manage its financial resources effectively during downturns. However, there may be concerns regarding the implications of such amendments on future budget practices, specifically regarding transparency and the accountability of fund transfers.
Contention
A point of contention includes the potential for misuse of fund transfers, where critics might argue that the amendment could be exploited to circumvent existing legal protections surrounding state finances. As the bill moves through the legislative process, discussions likely focus on balancing the need for flexible financial mechanisms against the imperative of ensuring fiscal responsibility and transparency.
Constitutional amendment to revise the circumstances that would allow the reduction of constitutionally protected expenditures and dedications to eliminate a projected deficit in an ensuing fiscal year. (2/3 - CA13s1(A)) (EN SEE FISC NOTE SD EX See Note)
Constitutional amendment to repeal certain constitutionally dedicated and protected allocations and funds. (2/3-CA13s1(A)) (OR INCREASE GF RV See Note)
Constitutional amendment to authorize limited redirection and transfer of funds supporting appropriations and allocations from the state general fund and dedicated funds in certain circumstances. (2/3 CA13s1(A)) (RE SEE FISC NOTE GF RV See Note)
Constitutional amendment to authorize limited redirection and transfer of funds supporting appropriations and allocations from the state general fund and dedicated funds in certain circumstances. (2/3 CA13s1(A)) (OR SEE FISC NOTE GF EX)
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.