Bill Text: OR SB312 | 2011 | Regular Session | Introduced

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Bill Title: Relating to state finance.

Spectrum: Unknown

Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB312 Detail]

Download: Oregon-2011-SB312-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 2691

                         Senate Bill 312

Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Senate Interim Committee on
  Finance and Revenue)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Directs Legislative Assembly to leave unappropriated two
percent of amount of General Fund revenues estimated to be
available for biennium. Requires deposit of two percent amount
into Oregon Rainy Day Fund if amount of General Fund revenues
collected equals or exceeds estimate. If amount of General Fund
revenues collected is less than estimate but not less than 98
percent of estimated amount, requires deposit of amount by which
revenues exceed 98 percent of estimate into Oregon Rainy Day
Fund.
  Repeals provision requiring deposit of one percent of General
Fund appropriations for biennium, or ending balance, in Oregon
Rainy Day Fund.
  First applies to biennium beginning July 1, 2013.

                        A BILL FOR AN ACT
Relating to state finance; creating new provisions; amending ORS
  293.148; and repealing ORS 293.146.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) In budgeting for a biennium that begins on
July 1 of an odd-numbered year, the Legislative Assembly shall
leave unappropriated two percent of the amount of General Fund
revenues estimated to be available for the biennium. The
Legislative Assembly shall use the estimate of General Fund
revenues contained in the last quarterly economic and revenue
forecast presented prior to the end of the regular legislative
session in that year. For purposes of this section, the quarterly
economic and revenue forecast is the forecast made for purposes
of section 4 (6), Article XV of the Oregon Constitution.
  (2) When the actual amount of General Fund revenues collected
has been determined for a biennium:
  (a) If the actual amount equals or exceeds the amount of the
estimate used to determine the amount left unappropriated for
that biennium under subsection (1) of this section, the two
percent of estimated General Fund revenues that was left
unappropriated for that biennium under subsection (1) of this
section shall be deposited into the Oregon Rainy Day Fund.

  (b) If the actual amount is less than the amount of the
estimate used to determine the amount left unappropriated for
that biennium under subsection (1) of this section, but not less
than 98 percent of the estimated amount, the amount by which the
actual revenues exceed 98 percent of the estimated revenues shall
be deposited into the Oregon Rainy Day Fund. + }
  SECTION 2. ORS 293.148 is amended to read:
  293.148. (1) If the moneys in the Oregon Rainy Day Fund
established by ORS 293.144 just prior to the time of a transfer
scheduled under ORS 293.144 (3) or   { - 293.146 - }
 { + section 1 of this 2011 Act + } equal at least 7-1/2 percent
of the amount of General Fund revenues collected during the prior
biennium, moneys that would otherwise be transferred to the
Oregon Rainy Day Fund shall be deposited in the General Fund.
  (2) If the moneys in the Oregon Rainy Day Fund just prior to
the time of a transfer scheduled under ORS 293.144 (3) or
  { - 293.146 - }   { + section 1 of this 2011 Act + } do not
equal at least 7-1/2 percent of the amount of General Fund
revenues collected during the prior biennium, the transfer to the
Oregon Rainy Day Fund shall be made regardless of whether that
transfer increases the amount in the Oregon Rainy Day Fund to at
least 7-1/2 percent of the amount of General Fund revenues
collected during the prior biennium.
  SECTION 3.  { + ORS 293.146 is repealed. + }
  SECTION 4.  { + Section 1 of this 2011 Act, the amendments to
ORS 293.148 by section 2 of this 2011 Act and the repeal of ORS
293.146 by section 3 of this 2011 Act:
  (1) Become operative January 1, 2013; and
  (2) First apply to the biennium beginning July 1, 2013. + }
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