Legislature(1993 - 1994)
01/26/1993 08:00 AM House STA
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
Number 215
HB 35: DEPOSITS TO THE BUDGET RESERVE FUND
The committee then addressed HB 35, related to deposits to
the budget reserve fund.
Number 292
REPRESENTATIVE MARTIN, PRIME SPONSOR of HB 35, discussed the
need for protecting the fund and having money for future
generations so they would not be heavily taxed to support
government.
Number 350
CHAIRMAN VEZEY discussed how monies would be paid back and
how the budget reserve fund had been created.
Number 376
REPRESENTATIVE MARTIN discussed revenue shortfalls.
Number 408
CHAIRMAN VEZEY discussed how money was to be deposited into
the fund.
Number 417
REPRESENTATIVE ULMER inquired into the necessity of HB 35.
She thought the Department of Administration was required to
deposit funds.
Number 426
REPRESENTATIVE MARTIN stated there was no statute that
required funds to be deposited.
Number 432
REPRESENTATIVE ULMER discussed deposits to the fund.
Number 441
REPRESENTATIVE MARTIN stated the legislature was to
establish procedures through the law yet had not done so.
CHAIRMAN VEZEY stated HB 35 would fulfill the legislative
requirement. He asked a question regarding monies for the
fund.
Number 457
REPRESENTATIVE MARTIN spoke about the constitutional
provision. He stated the monies borrowed had to be returned
by December 16th.
REPRESENTATIVE SANDERS asked if the budget reserve fund was
like a revolving loan fund.
Number 479
REPRESENTATIVE MARTIN stated the budget reserve fund was
like a revolving loan fund that would have to be paid back
each following year. In reality it was a spending account,
not a saving account, he added.
Number 487
REPRESENTATIVE SANDERS discussed with Representative Martin
the fact that the budget reserve fund drew interest.
Number 493
REPRESENTATIVE BETTYE DAVIS asked if any monies had been
drawn from the fund.
Number 495
REPRESENTATIVE MARTIN stated at this time no monies from the
budget reserve fund had been touched.
Number 504
REPRESENTATIVE KOTT inquired into the current balance of the
fund.
Number 506
REPRESENTATIVE MARTIN advised that currently there was
$625,000,000 in the budget reserve fund.
Number 522
DON WANIS, DIRECTOR, DIVISION OF FINANCE, DEPARTMENT OF
ADMINISTRATION (the Department), and JOE THOMAS, State
Accountant for the Division, discussed the December 16 date
for depositing funds. They suggested November 1 would be
too soon because the balance would not be available to the
general fund by that date.
CHAIRMAN VEZEY discussed the deposit being made on
December 16.
Number 540
MR. WANIS stated a report would be available to the public
on the first week of December regarding the monies in the
account.
REPRESENTATIVE ULMER asked how the Department would proceed
without HB 35.
MR. THOMAS stated there were constitutional regulations to
take monies out, but there needed to be statutory authority
to put monies back into the account.
Number 564
REPRESENTATIVE ULMER discussed accounting procedures.
MR. THOMAS discussed accounting procedures.
CHAIRMAN VEZEY clarified the Department advocated passage of
HB 35 to make execution of accounting duties clear.
Number 603
MR. WANIS stated the Department supported passage of HB 35.
Number 608
REPRESENTATIVE SANDERS restated authority was in place to
take funds out of the account but there was no authority to
repay it. He stated the Department was advocating this way
to put monies back in the fund.
Number 615
MR. WANIS concurred.
Number 616
CHAIRMAN VEZEY summarized the testimony, asked Mr. Wanis
again if HB 35 was necessary to put monies back into the
account.
Number 625
MR. WANIS replied in the affirmative. He added that
authority was needed in the law in some fashion.
Number 626
CHAIRMAN VEZEY discussed monies to be placed into the
account.
Number 633
MR. WANIS asked if the balance in the general fund was
available and monies were owed to the reserve account, would
only monies that were available be used to pay the account
back.
Number 641
CHAIRMAN VEZEY clarified the debt would continue forward and
that only surplus monies would be available to replenish the
account.
ADJOURNMENT
With no further comments on HB 35, Chairman Vezey Adjourned
the meeting at 9:35 a.m.
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