Section

Provision

1

Updates the budget reserve amount in the automatic repayment statute to conform to the current budget reserve amount.  This change would require the budget reserve to be reestablished to $994.3 million in a forecast before certain other conditions of this statute could be met.
 

2

Aligns the date that the budget reserve report is issued more closely to the November forecast.  The November forecast is the point at which 33 percent of a forecasted surplus in the current biennium is transferred to the budget reserve. Under current law the percentage of the nondedicated general fund revenues that is recommended as the budget reserve level is not based on the most recent available data and end-of-session tax law changes.  An August reporting date makes the report data and analysis more current to the November forecast when it potentially would be used.