Provides for the transfer and deposit of monies among state funds (EN +$176,317,171 SD RV See Note)
Impact
The impact of HB 1026 on state laws includes the creation of specific funds for targeted allocations, such as the Medicaid Trust Fund for the Elderly, which will receive a portion of the settlements from the Deepwater Horizon litigation. The bill also aims to provide increased funding stability for crucial state programs, including Medicaid services. Moreover, all unspent and unencumbered funds at the end of the fiscal year are mandated to remain within these funds, which is intended to ensure that financial resources can be effectively utilized as needed without being prematurely expended or redirected.
Summary
House Bill 1026 addresses the allocation and management of various state funds, emphasizing the transfer and deposit of resources into the state treasury. One of the bill's key features is the establishment of the Deepwater Horizon Economic Damages Collection Fund, which aims to channel proceeds from the state's economic damages claims from the BP oil spill towards designated funds such as the Budget Stabilization Fund and the Medicaid Trust Fund for the Elderly. Through these measures, the bill seeks to bolster the state's financial stability in the aftermath of economic damages sustained from environmental disasters.
Sentiment
The sentiment surrounding HB 1026 appears to be generally supportive, particularly among legislators seeking to secure financial resources for vital community services. However, there are underlying concerns regarding potential limitations on local government funding and autonomy as funds are directed toward specified state programs. Additionally, the bill reflects a broader effort by the state legislature to proactively manage economic recovery initiatives following significant environmental impacts, indicating a consensus on the importance of financial governance in addressing these challenges.
Contention
Notable points of contention stem from how the allocations will affect local governance and funding for community programs. While there is support for bolstering the Medicaid Trust Fund and providing financial stability, some critics may argue that redirecting funds from local entities could limit their ability to meet specific community needs. Ultimately, the discussion around HB 1026 represents a balancing act between preserving local governance and ensuring state-level fiscal responsibility.
Provides for deposits of monies from certain settlement proceeds as a result of the Deepwater Horizon oil spill into the Budget Stabilization Fund and the Medicaid Trust Fund for the Elderly (EG DECREASE GF RV See Note)
Provides for deposits of monies from certain settlement proceeds as a result of the Deepwater Horizon oil spill into the Budget Stabilization Fund and the Medicaid Trust Fund for the Elderly. (7/1/14) (OR DECREASE GF RV See Note)
Provides for a 10% reduction of all state professional, personal, and consulting service contracts and provides for deposit of the savings into the Higher Education Financing Fund (EN INCREASE SG EX See Note)
Provides relative to the creation, use, dedication, and transfer of funds in the state treasury. (gov sig) (Item #16) (REF SEE FISC NOTE SD EX See Note)