SB415: transferring surplus revenues to the revenue stabilization reserve account.

SB 415-FN – AS INTRODUCED

2014 SESSION

14-2858

01/09

SENATE BILL 415-FN

AN ACT transferring surplus revenues to the revenue stabilization reserve account.

SPONSORS: Sen. Forrester, Dist 2; Sen. Morse, Dist 22; Sen. Bradley, Dist 3; Sen. Odell, Dist 8; Sen. Bragdon, Dist 11; Sen. Boutin, Dist 16; Sen. Carson, Dist 14; Sen. Cataldo, Dist 6; Sen. Prescott, Dist 23; Sen. Rausch, Dist 19; Sen. Reagan, Dist 17; Sen. Stiles, Dist 24; Rep. Chandler, Carr 1; Rep. Kurk, Hills 2; Rep. Renzullo, Hills 37; Rep. J. Hunt, Ches 11; Rep. Graham, Hills 7

COMMITTEE: Finance

ANALYSIS

This bill requires the state treasurer to transfer budget surplus moneys to the revenue stabilization reserve account.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

14-2858

01/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Fourteen

AN ACT transferring surplus revenues to the revenue stabilization reserve account.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Transfer of Surplus to Revenue Stabilization Reserve Account. Notwithstanding RSA 9:13-e, II, and upon completion of the official audit performed pursuant to RSA 21-I:18, II(a) for the fiscal year ending June 30, 2014, the state treasurer shall transfer $15,300,000 to the revenue stabilization reserve account, established in RSA 9:13-e.

2 Effective Date. This act shall take effect upon its passage.

LBAO

14-2858

02/12/14

SB 415-FN - FISCAL NOTE

AN ACT transferring surplus revenues to the revenue stabilization reserve account.

FISCAL IMPACT:

The Office of Legislative Budget Assistant states this bill, as introduced, would decrease state unrestricted general fund revenue and increase state restricted revenue by $15,300,000 in FY 2015. There will be no fiscal impact on state, county, and local expenditures, or county and local revenues.

METHODOLOGY:

The Office of Legislative Budget Assistant states this bill requires the state treasurer to transfer $15,300,000 from the state general fund to the revenue stabilization reserve account upon completion of the final audited comprehensive annual financial report (CAFR) for the fiscal year ending June 30, 2014 (FY 2014). Currently RSA 9:13-e, requires any general fund surplus at the close of a fiscal biennium, as determined by the final CAFR, to be transferred to the revenue stabilization reserve account. However, this bill would require a transfer into the reserve account prior to the close of the fiscal biennium. Since the final FY 2014 CAFR will not be completed until December of 2014, the transfer required by the proposed bill will actually occur during FY 2015. As a result, this bill would decrease state unrestricted general fund revenue (i.e. - money received from a general fund operating budget surplus) and increase state restricted revenue (money deposited into the revenue stabilization reserve account) by $15,300,000 in FY 2015.