Wisconsin 2023-2024 Regular Session

Wisconsin Assembly Bill AJR117 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	LRB-5773/1
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3	3	2023 - 2024 LEGISLATURE
4	4	2023 ASSEMBLY JOINT RESOLUTIO N 117
5	5	February 12, 2024 - Introduced by Representative KATSMA, cosponsored by Senator
6	6	MARKLEIN. Referred to Committee on State Affairs.
7	7	*AUTHORS SUBJECT TO CHANGE*
8	8	To amend section 5 of article VIII of the constitution; relating to: accounting and
9	9	expenditure of state funds and reduction of deficit (first consideration).
10	10	Analysis by the Legislative Reference Bureau
11	11	This constitutional amendment, proposed to the 2023 legislature on first
12	12	consideration, requires the state to account for and report all funds it receives or
13	13	expends in accordance with generally accepted accounting principles (GAAP).
14	14	The amendment further authorizes the legislature to establish the budgetary
15	15	basis of accounting, requires that any deficit of a state fund affected by a budget bill
16	16	be reduced annually by 10 percent of any projected increase in tax revenues in that
17	17	fund, and requires that, once the deficit is eliminated, the legislature may not pass
18	18	any bill that would result in a projected deficit.
19	19	A constitutional amendment requires adoption by two successive legislatures,
20	20	and ratification by the people, before it can become effective.
21	21	Resolved by the assembly, the senate concurring, That:
22	22	SECTION 1. Section 5 of article VIII of the constitution is amended to read:
23	23	[Article VIII] Section 5. The legislature shall provide for an annual tax
24	24	sufficient to defray the estimated expenses of the state for each year; and whenever
25	25	the expenses of any year shall exceed the income, the legislature shall provide for
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35	35	SECTION 1
36	36	2023 - 2024 Legislature
37	37	levying a tax for the ensuing year, sufficient, with other sources of income, to pay the
38	38	deficiency as well as the estimated expenses of such ensuing year. The legislature
39	39	may establish the basis of accounting to be used for budget purposes. In addition to
40	40	the statutory basis of accounting, the state shall account for and report all moneys
41	41	it receives or spends, including but not limited to component units, in accordance
42	42	with generally accepted accounting principles. The legislature may not pass any bill
43	43	that would cause an increase in the projected deficit in any state fund under
44	44	generally accepted accounting principles. The legislature shall pass an annual or
45	45	biennial budget bill that is projected to reduce any existing deficit in any state fund
46	46	that is affected by the budget bill reported under generally accepted accounting
47	47	principles by at least one-tenth of any projected annual increase of tax revenues
48	48	deposited in that state fund in each fiscal year. Once any deficit in a state fund under
49	49	generally accepted accounting principles is eliminated, the legislature may not pass
50	50	any bill affecting that fund that would result in a projected deficit in that state fund
51	51	under generally accepted accounting principles.
52	52	Be it further resolved, That this proposed amendment be referred to the
53	53	legislature to be chosen at the next general election and that it be published for three
54	54	months previous to the time of holding such election.
55	55	(END)
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