Final
BILL SUMMARY for
HB05-1005
HOUSE
COMMITTEE ON
FINANCE
Votes:
Action Taken:
Refer HB 05-1005 to the Committee on Appropriation
PASS
11:24 AM -- House Bill 05-1005 - Concerning the Creation of a Revenue Shortfall Relief Fund
Representative Lundberg, prime sponsor, explained that HB 05-1005
creates a Revenue Shortfall Relief Fund and requires the General Assembly to appropriate one-twelfth (1/12th) of the annual increase in state General Fund appropriations to the fund. The requirement would begin with FY 2006-07, but would only apply in years when General Fund revenues are sufficient to fund the other 11/12ths of the currently-allowable 6 percent increase in General Fund appropriations. In effect, the bill requires that any moneys over 5.5 percent growth in General Fund appropriations, up to the currently-allowable 6 percent growth, be appropriated to the Revenue Shortfall Relief Fund.
The committee discussed whether the bill provides for a dollar-amount ceiling to determine when the fund stops growing. The committee then discussed the 6 percent limit and questioned whether using a 5.5 percent limit would allow the state to fund the current level of services.
BILL:
HB05-1005
TIME:
11:39:35 AM
MOVED:
Cloer
MOTION:
Refer HB 05-1005 to the Committee on Appropriations. The motion passed on a 8-5-0 vote.
SECONDED:
Frangas
VOTE
Benefield
No
Cloer
Yes
Crane
Yes
Frangas
Yes
Garcia
Yes
Jahn
No
Marshall
No
Massey
Yes
May M.
Yes
McCluskey
Yes
Witwer
Yes
Judd
No
Vigil
No
Final
YES:
8
NO:
5
EXC:
0
ABS:
0
FINAL ACTION:
PASS