2005 Idaho Code - 57-814 — BUDGET STABILIZATION FUND

                                  TITLE  57
                           PUBLIC FUNDS IN GENERAL
                                  CHAPTER 8
                           FUNDS CONSOLIDATION ACT
    57-814.  BUDGET STABILIZATION FUND. (1) There is hereby created in the
state treasury the budget stabilization fund for the purpose of meeting
general fund revenue shortfalls and to meet expenses incurred as the result of
a major disaster declared by the governor. All moneys in the budget reserve
account at the date of approval of this act shall be transferred to the budget
stabilization fund. Interest earnings from the investment of moneys in this
fund by the state treasurer shall be credited to the permanent building
account subject to the provisions of section 67-1210, Idaho Code.
    (2)  Subject to the requirements of section 63-3203, Idaho Code, the state
controller shall annually transfer moneys from the general fund to the budget
stabilization fund subject to the following criteria:
    (a)  If the state controller certifies that the receipts to the general
    fund for the fiscal year just ending have exceeded the receipts of the
    previous fiscal year by more than four percent (4%), then the state
    controller shall transfer all general fund collections in excess of said
    four percent (4%) increase to the budget stabilization fund, up to a
    maximum of one percent (1%) of the actual general fund collections of the
    fiscal year just ending. The state controller shall make the transfers in
    four (4) equal amounts during September, December, March and June of the
    next fiscal year.
    (b)  The amount of moneys in the budget stabilization fund shall not
    exceed five percent (5%) of the total general fund receipts for the fiscal
    year just ending.
    (c)  The state controller shall transfer moneys in the budget
    stabilization fund in excess of the limit imposed in subsection (2)(b) of
    this section to the general fund.
    (3)  If a majority of the membership of each house of the legislature
adopt a concurrent resolution  requesting the amount of the transfer specified
in subsection (2) of this section be reduced, the state controller shall
reduce the amount of the transfer.
    (4)  Appropriations of moneys from the budget stabilization fund in any
year shall be limited to fifty percent (50%) after the fund balance has
reached five percent (5%).