Bill Text: OR SB312 | 2011 | Regular Session | Introduced
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
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. + } ----------