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Minutes for HB2340 - Committee on Appropriations

Short Title

Transferring actual SGF revenues in excess of the joint estimate of revenue to the budget stabilization fund and prescribing uses for moneys credited to such fund.

Minutes Content for Thu, Mar 16, 2017

Chairman Waymaster opened the hearing on the bill.

David Weise, Office of the Revisor of Statutes, presented the bill brief (Attachment 3).  The bill transfers actual State General Funds (SGF) revenues in excess of the joint estimate of revenue to the budget stabilization fund for prescribed use.

Representative Elliott presented testimony as a proponent of the bill (Attachment 4).  The bill would ensure that the funds are captured and would be available for specific long-term obligations. Representative Elliott responded to questions from committee members.

Stephen Bailey, Pew Charitable Trust, presented neutral testimony on the bill (Attachment 5), and he responded to questions from committee members regarding cash management and budget stabilization.

Chairman Waymaster stated that the Constitution states that the Legislature has the majority vote for determining the use of Budget Stabilization funds.  J.G. Scott stated that with the bill, the budget ending balance would not change but any funds over the final projections would go into the Budget Stabilization fund. Discussion continued  by committee members.

Written testimony as a proponent of the bill was provided by Dave Trabert, President, Kansas Policy Institute (Attachment 6).  Written testimony as an opponent of the bill was provided by Heidi Holliday, Executive Director, Kansas Center for Economic Growth (Attachment 7).

Chairman Waymaster closed the hearing on the bill.