Reference is to the bill as introduced.
Amend the bill, as and if amended, SECTION 1, beginning on page 2, by striking Section 6-27-30 and inserting:
/ Section 6-27-30.
(A) In the annual general
appropriations act, an amount equal to not less than
four and one-half percent of general fund revenues of the latest
completed fiscal year must be appropriated the
General Assembly must appropriate funds to the Local
Government Revenue Sharing Fund.
(B)(1) In
any fiscal year in which general fund revenues are projected to
increase by at least four percent, then the appropriation to the
Local Government Revenue Sharing Fund for the upcoming fiscal
year must be increased by two percent compared to the
appropriation in the current fiscal year. For purposes of this
subsection, beginning with the initial forecast required
pursuant to Section 11-9-880, the percentage increase in general
fund revenues must be determined by the Revenue and Fiscal
Affairs Office by comparing the current fiscal year's recurring
general fund expenditure base with the Board of Economic
Advisor's most recent projection of recurring general fund
revenue for the upcoming fiscal year. Upon the issuance of the
initial forecast, the Executive Director of the Revenue and
Fiscal Affairs Office, or his designee, must notify the Chairman
of the Senate Finance Committee, the Chairman of the House Ways
and Means Committee, and the Governor as to whether the
requirements of this subsection have been met. The executive
director, or his designee, must provide similar notice if
subsequent modifications to the forecast change whether the
requirements of this subsection have been met. However, the
forecast in effect on May thirty-first of the current fiscal
year is the final forecast for which it is determined whether
the requirements of this subsection have been met, and no
subsequent forecast modifications shall have any effect on that
determination.
(2)
If the provisions of this subsection have been
met prior to submission of the Governor's Executive Budget, then
the Governor must include the two percent increase to the Local
Government Revenue Sharing Fund in the Executive Budget.
(3)
The Revenue and Fiscal Affairs Office shall
determine the current fiscal year's recurring general fund
expenditure base, and if the provisions of this subsection are
met, the appropriation for the upcoming fiscal year must be
adjusted accordingly.
(C) For
purposes of this section:
(1)
'Recurring general fund revenue' means the
forecast of recurring general fund revenues pursuant to Section
11-9-880 after the amount apportioned to the Trust Fund for Tax
Relief, as required in Section 11-11-150, is deducted.
(2)
'Recurring general fund expenditure base' means
the total recurring general fund appropriations authorized in
the current general appropriations act less any reduced
appropriations mandated by the General Assembly or the Executive
Budget Office pursuant to Section 11-9-890B.
/
Renumber sections to conform.
Amend title to conform.