Requires the approval of two-thirds of each chamber of the general assembly before exempting a fund from the reversion of unexpended moneys
One notable aspect of HB2426 is the imposition of a two-thirds majority requirement in both chambers of the General Assembly for any fund to be exempted from the usual reversion of unexpended moneys back to the general revenue fund. This change is significant since it increases the legislative hurdle for maintaining special funds, thus potentially streamlining budget management but also limiting the flexibility of certain funded programs that may have differing fiscal needs.
House Bill 2426 aims to amend the existing legislative framework governing the management of unexpended moneys within the state of Missouri. The bill proposes the repeal of Section 33.080, RSMo, which currently outlines the treatment of unexpended balances of state funds. Instead, it enacts a new section that requires all fees and moneys received by any state agency to be placed into the state treasury within thirty days, subject to appropriation by the General Assembly. This is intended to enhance the financial oversight and control over state revenues.
Overall, HB2426 seeks to tighten financial governance of state funds, ensuring greater transparency and accountability. However, it raises legitimate concerns about local control over fund management and may spark debates among stakeholders who depend on the stability provided by the current funding mechanisms.
Some points of contention may arise regarding the impact of this legislation on existing funds that rely on 'excluding provisions', meaning provisions that allow certain funds to retain unexpended balances beyond the fiscal year. The need for a supermajority approval might lead to tensions between legislative priorities and program funding stability, particularly in areas where certain organizations rely on having predictable funding streams.