House Status:
Senate Status:
Senate Status:
Minutes for SB67 - Committee on Ways and Means
Short Title
Transferring $1,000,000,000 from the state general fund to the budget stabilization fund of the department of administration during the fiscal year ending June 30, 2023.
Minutes Content for Tue, Jan 31, 2023
Chairperson Billinger opened the hearing on SB 67. Amy Deckard, Kansas Legislative Research Department, provided an overview of the bill.
Treasurer Steven Johnson, State of Kansas, spoke as a proponent of the bill. Having a good rainy day fund is the cornerstone of any financial plan and would help prevent the need for tax increases or dramatic cuts to state service by having a bridge. With the current projected ending balance of the State General Fund, as well as the competitive interest rates, this is a good time to increase the rainy day fund. Treasurer Johnson responded to questions from Committee members. (Attachment 1)
Adam Proffitt, Director of the Budget, testified as a neutral conferee. The Governor recommended putting $500 million in the Budget Stabilization Fund which, with what is in the fund already, would take us to approximately $1.5 billion in the fund. This would be equal to 15 percent of revenues. They are working on legislation that would put more safeguards around the Stabilization Fund including a maximum annual withdrawal and requiring specific purposes for withdrawals. Director Proffitt responded to questions from Committee members. (Attachment 2)
There being no further conferees, Chairperson Billinger closed the hearing on SB 67.
