Bill Text: MS HB968 | 2017 | Regular Session | Introduced
Bill Title: General Fund ending cash balance; first distribution made to Municipal Water Systems Repair Grant Fund.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2017-01-31 - Died In Committee [HB968 Detail]
Download: Mississippi-2017-HB968-Introduced.html
MISSISSIPPI LEGISLATURE
2017 Regular Session
To: Appropriations
By: Representative Barker
House Bill 968
AN ACT TO AMEND SECTION 27-103-213, MISSISSIPPI CODE OF 1972, TO REVISE THE DISTRIBUTION OF THE UNENCUMBERED CASH BALANCE IN THE GENERAL FUND IN THE STATE TREASURY AT THE END OF EACH FISCAL YEAR TO HAVE THE FIRST DISTRIBUTION MADE TO THE MUNICIPAL WATER, SEWER AND WASTEWATER SYSTEMS REPAIR AND REPLACEMENT GRANT PROGRAM FUND INSTEAD OF THE MUNICIPAL REVOLVING FUND; TO BRING FORWARD SECTION 21-33-401, MISSISSIPPI CODE OF 1972, TO WHICH CREATES THE MUNICIPAL REVOLVING FUND, FOR THE PURPOSES OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-103-213, Mississippi Code of 1972, is amended as follows:
27-103-213. (1) The
unencumbered cash balance in the General Fund in the State Treasury at the
close of each fiscal year shall be distributed to the Municipal * * * Water, Sewer and Wastewater
Systems Repair and Replacement Grant Fund, the Working Cash-Stabilization
Reserve Fund and the Capital Expense Fund in the manner provided in this
section * * *.
(2) (a) At the end of each fiscal year, the Director of the Department of Finance and Administration and the State Treasurer shall determine the extent of the unencumbered cash balance existing in the General Fund in the State Treasury.
(b) As used in this section, the term "unencumbered cash balance" or "unencumbered General Fund cash balance" means the amount in the State General Fund after deducting all appropriations and other expenditures. However, if the Legislature has authorized additional or deficit appropriations or transfers from the State General Fund for that fiscal year, those amounts shall be subtracted from the unencumbered cash balance in the General Fund before determining the amount available for distribution. The unencumbered General Fund cash balance shall not be determined until after August 31 of each year, and it shall not be made until the State Treasurer has received a certificate in writing from the Director of the Department of Finance and Administration, with notification to the Legislative Budget Office, showing the amount of the unencumbered General Fund cash balance.
(3) If any unencumbered General Fund cash balance is available for distribution under this section, the distribution of those funds shall be made by the Director of the Department of Finance and Administration in the following order:
(a) To the Municipal * * * Water, Sewer and Wastewater Systems
Repair and Replacement Grant Fund created in House Bill No.____, 2017
Regular Session, an amount equal to * * *
Ten Million Dollars ($10,000,000.00); however, if the amount of the
unencumbered General Fund cash balance is less than * * *
Ten Million Dollars ($10,000,000.00), then the total amount of the
unencumbered General Fund cash balance shall be distributed to the Municipal
Revolving Fund.
(b) To the Working Cash—Stabilization Reserve Fund, the amount of the unencumbered General Fund cash balance not distributed under paragraph (a) until such time as the balance in the fund reaches Forty Million Dollars ($40,000,000.00).
(c) To remain in the State General Fund, an amount equal to one percent (1%) of the General Fund appropriations for the fiscal year that the unencumbered General Fund cash balance represents; however, if the amount of the unencumbered General Fund cash balance after the distributions are made under paragraphs (a) and (b) is less than one percent (1%) of the General Fund appropriations, then the total amount of the unencumbered General Fund cash balance not distributed under paragraphs (a) and (b) shall remain in the State General Fund. For the purposes of this paragraph (c), the appropriations for the fiscal year shall be the total amount contained in the actual appropriation bills passed by the Legislature.
(d) To the Working Cash-Stabilization Reserve Fund, fifty percent (50%) of the amount of the unencumbered General Fund cash balance after the distributions are made under paragraphs (a), (b) and (c), not to exceed seven and one-half percent (7-1/2%) of the General Fund appropriations for the fiscal year that the unencumbered General Fund cash balance represents. For the purposes of this paragraph (d), the appropriations for the fiscal year shall be the total amount contained in the actual appropriation bills passed by the Legislature.
(e) To the Capital Expense Fund, any remaining amount of the unencumbered General Fund cash balance after the distributions are made under paragraphs (a), (b), (c) and (d).
* * *
SECTION 2. Section 21-33-401, Mississippi Code of 1972, is brought forward as follows:
21-33-401. (1) There is created in the State Treasury a special fund designated as the "Municipal Revolving Fund."
(2) The Municipal Revolving Fund shall not be considered as a surplus or available funds when adopting a balanced budget as required by law. The State Treasurer shall invest all sums in the Municipal Revolving Fund not needed for the purposes provided for in this section in certificates of deposit, repurchase agreements and other securities as authorized in Section 27-105-33(d) or 7-9-103, as the State Treasurer may determine to yield the highest market rate available. Interest earned on this fund shall be deposited by the State Treasurer into the State General Fund.
(3) The Municipal Revolving Fund shall be distributed annually, during the month of October, to all municipalities on a population basis, using the latest federal census in computations, taking into consideration the entire population of each municipality in the state, and taking into consideration municipalities that have been incorporated since the last federal census, or will be incorporated before the next federal census, in which case the population shall be the official count used in procuring the charter of incorporation, and also taking into consideration any county seat that is not an incorporated municipality as though the county seat were an incorporated municipality. In making distribution to an unincorporated county seat, however, the funds computed to be due to the county seat shall be paid to the county treasury in which the county seat is located.
Funds made available to municipalities under the provisions of this section may be used for any lawful municipal purpose, except that where funds are made available by reason of the location of an unincorporated county seat in any county, the board of supervisors in that county shall use the funds for road, bridge and street construction or maintenance.
(4) Unexpended funds in the Municipal Revolving Fund at the end of a fiscal year shall not lapse into the State General Fund but shall remain in the fund for use under this section; provided, however, in fiscal year 2009 the provisions of this subsection shall not be applicable until the Working Cash-Stabilization Fund, created in Section 27-103-203, balance has reached a level of funding that is seven and one-half percent (7-1/2%) of the General Fund appropriations for such fiscal year.
SECTION 3. This act shall take effect and be in force from and after its passage.
