Bill Text: OR SJR202 | 2012 | Regular Session | Introduced

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Bill Title: Proposing amendment to Oregon Constitution relating to state finance.

Spectrum: Moderate Partisan Bill (Republican 14-2)

Status: (Failed) 2012-03-05 - In committee upon adjournment. [SJR202 Detail]

Download: Oregon-2012-SJR202-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2012 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 118

                   Senate Joint Resolution 202

Sponsored by Senators MORSE, BURDICK, Representatives BERGER,
  BARNHART; Senators ATKINSON, FERRIOLI, GIROD, KRUSE, OLSEN,
  STARR, TELFER, WHITSETT, WINTERS, Representatives KRIEGER,
  OLSON, SHEEHAN (Presession filed.)

                             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.

  Proposes amendment to Oregon Constitution. Requires deposit of
excess revenues in Emergency Reserve Fund. Defines excess
revenues as percentage amount of General Fund Revenues available
for biennium equal to percentage difference between General Fund
revenues available for biennium and General Fund appropriations
for preceding biennium minus average two-year percentage change
in statewide personal income in six calendar years preceding
biennium.
  Establishes Emergency Reserve Fund. Authorizes, upon making
certain findings and with three-fifths majority vote, Legislative
Assembly to appropriate moneys in fund. Limits appropriations
that may be made from fund during any one biennium. Specifies
that if amount in Emergency Fund equals at least 12 percent of
General Fund revenues in prior biennium, amount that would be
transferred to Emergency Fund shall be returned to taxpayers.
  Applies to biennia beginning on or after July 1, 2013.
  Refers proposed amendment to people for their approval or
rejection at next regular general election.

                        JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  PARAGRAPH 1. The Constitution of the State of Oregon is amended
by repealing section 14, Article IX, and by creating new sections
15, 16 and 16a to be added to and made a part of Article IX, such
sections to read:
   { +  SECTION 15. + }  { + (1) As soon as practicable after the
Legislative Assembly determines the ending balance of the General
Fund for a biennium, if the growth index is greater than the
personal income growth index, any amount of excess revenues as
defined in subsection (2) of this section for the biennium shall
be transferred to the Emergency Reserve Fund established by
section 16 of this Article.
  (2) As used in this section:
  (a) 'Ending balance' means the difference between the amount of
General Fund revenues collected during a biennium and the amount
of General Fund appropriations for the biennium.

  (b) 'Excess revenues' means a percentage amount of General Fund
revenues available for the biennium that is equal to the growth
index percentage minus the personal income growth index
percentage.
  (c) 'General Fund appropriations' means the amount of moneys
appropriated from the General Fund for a biennium in the
legislatively approved budget for the biennium, minus the amount
of any General Fund appropriation balances for that biennium that
revert to the General Fund as provided by law.
  (d) 'General Fund revenues available for the biennium ' means
the amount of General Fund revenues collected during the biennium
minus the amount of revenues contained in the General Fund at the
beginning of the biennium.
  (e) 'Growth index' means the percentage difference between the
General Fund revenues available for the biennium and the General
Fund appropriations for the preceding biennium in the
legislatively approved budget.
  (f) 'Legislatively adopted budget' means the budget enacted by
the Legislative Assembly during an odd-numbered year regular
session.
  (g) 'Legislatively approved budget' means the legislatively
adopted budget as modified by the joint committee referred to in
section 3, Article III of this Constitution, or by the
Legislative Assembly meeting in regular or special session.
  (h) 'Personal income growth index' means the average two-year
percentage change in statewide personal income in the six
calendar years preceding the beginning of a biennium. + }
   { +  SECTION 16. + }  { + (1) The Emergency Reserve Fund is
established as an account in the General Fund. The Legislative
Assembly may establish subaccounts within the Emergency Reserve
Fund.
  (2) The Legislative Assembly may appropriate moneys from the
Emergency Reserve Fund for general governmental purposes if:
  (a) The appropriation is approved by three-fifths of the
members serving in each house of the Legislative Assembly and the
Legislative Assembly finds one of the following:
  (A) That the last quarterly economic and revenue forecast for a
biennium indicates that moneys available to the General Fund for
the next biennium will be at least three percent less than
appropriations from the General Fund for the current biennium;
  (B) That there has been a decline for two or more consecutive
quarters in the last 12 months in seasonally adjusted nonfarm
payroll employment; or
  (C) That a quarterly economic and revenue forecast projects
that revenues in the General Fund in the current biennium will be
at least two percent below what the revenues were projected to be
in the revenue forecast on which the legislatively adopted budget
for the current biennium was based; or
  (b) The appropriation is approved by three-fifths of the
members serving in each house of the Legislative Assembly and the
Governor declares an emergency.
  (3) Once each month, in the manner provided by law, a state
agency designated by law shall calculate the amount of General
Fund interest that is attributable to moneys in the Emergency
Reserve Fund. The amount calculated under this subsection shall
be transferred to the Emergency Reserve Fund. The Legislative
Assembly by law may attribute interest on moneys in a subaccount
in the Emergency Reserve Fund to the subaccount.
  (4) The Legislative Assembly may not appropriate for any one
fiscal year more than two-thirds of the amount that is in the
Emergency Reserve Fund at the beginning of that fiscal year. If
the appropriation is for a fiscal year that has not yet begun,
the Legislative Assembly may use as the base the most recent
estimate of the amount that will be in the Emergency Reserve Fund
at the beginning of the fiscal year for which the appropriation
is made.
  (5) If the moneys in the Emergency Reserve Fund just prior to
the time of a transfer to the Emergency Reserve Fund scheduled
under section 15 of this Article equal at least 12 percent of the
amount of General Fund revenues collected during the prior
biennium, moneys that would otherwise be transferred to the
Emergency Reserve Fund shall be returned to taxpayers in the
manner provided by law.
  (6) If the moneys in the Emergency Reserve Fund just prior to
the time of a transfer to the Emergency Reserve Fund scheduled
under section 15 of this Article do not equal at least 12 percent
of the amount of General Fund revenues collected during the prior
biennium, the transfer to the Emergency Reserve Fund shall be
made regardless of whether that transfer increases the amount in
the Emergency Reserve Fund to at least 12 percent of the amount
of General Fund revenues collected during the prior biennium.
  (7) As used in this section, 'legislatively adopted budget '
means the budget enacted by the Legislative Assembly during an
odd-numbered year regular session. + }
   { +  SECTION 16a. + }  { + (1) Sections 15 and 16 of this
Article apply to biennia beginning on or after July 1, 2013.
  (2) The repeal of section 14 of this Article by Senate Joint
Resolution 202 (2012) applies to tax years beginning on or after
January 1, 2013.
  (2) This section is repealed on June 30, 2017. + }

  PARAGRAPH 2.  { + The amendment proposed by this resolution
shall be submitted to the people for their approval or rejection
at the next regular general election held throughout this
state. + }
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