Bill Text: OR SJR28 | 2013 | Regular Session | Introduced

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Bill Title: Proposing amendment to Oregon Constitution relating to the Oregon Budget Reserve Fund.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SJR28 Detail]

Download: Oregon-2013-SJR28-Introduced.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

 LC 2968

                   Senate Joint Resolution 28

Sponsored by Senator STARR

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Proposes amendment to Oregon Constitution to establish Oregon
Budget Reserve Fund. Directs Legislative Assembly, in budgeting
for biennium, to leave unappropriated three percent of estimated
General Fund moneys for biennium. Specifies that if actual amount
of General Fund moneys received for biennium equals or exceeds
estimate, amount left unappropriated is deposited in Oregon
Budget Reserve Fund.
  Specifies that if actual amount received is less than estimate
but not less than 97 percent of estimate, amount by which actual
amount exceeds 97 percent of estimate is deposited in Oregon
Budget Reserve Fund.
  Specifies conditions under which moneys in fund may be spent.
  Refers proposed amendment to people for their approval or
rejection at next regular general election.

                        JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  PARAGRAPH 1. The Constitution of the State of Oregon is amended
by creating new sections 2a and 2b to be added to and made a part
of Article IX, such section to read:
   { +  SECTION 2a. + }  { + (1) The Oregon Budget Reserve Fund
is established. The fund consists of:
  (a) Moneys deposited into the fund in accordance with this
section; and
  (b) Any other moneys deposited into the fund in accordance with
law.
  (2) At a regular legislative session held in an odd-numbered
year, the Legislative Assembly, in budgeting for a biennium that
begins on July 1 of that year, shall leave unappropriated three
percent of the amount of moneys estimated to be available to the
state's General Fund for the biennium. For purposes of this
section, the Legislative Assembly shall use the estimate of
moneys available to the state's General Fund contained in the
quarterly economic and revenue forecast described in subparagraph
(A) of paragraph (a) of subsection (6) of section 4, Article XV
of this Constitution.
  (3) When the actual amount of moneys received by the state's
General Fund has been determined for a biennium:
  (a) If the actual amount equals or exceeds the amount of the
estimate used to determine the amount left unappropriated for
that biennium under subsection (2) of this section, the amount
left unappropriated shall be deposited into the Oregon Budget
Reserve Fund.
  (b) If the actual amount is less than the amount of the
estimate used to determine the amount left unappropriated for
that biennium under subsection (2) of this section, but not less
than 97 percent of the amount of the estimate, the amount by
which the actual moneys received exceed 97 percent of the amount
of the estimate shall be deposited into the Oregon Budget Reserve
Fund.
  (c) If the actual amount is less than 97 percent of the amount
of the estimate used to determine the amount left unappropriated
for that biennium under subsection (2) of this section, the
amount left unappropriated may be appropriated for general
governmental purposes.
  (4) The Legislative Assembly may by law appropriate, allocate
or transfer in any one biennium up to two-thirds of the principal
of the Oregon Budget Reserve Fund if:
  (a) The proposed appropriation, allocation or transfer is
approved by three-fifths of the members serving in each house of
the Legislative Assembly and the Legislative Assembly finds one
of the following:
  (A) That the last quarterly economic and revenue forecast for a
biennium indicates that moneys available to the state's General
Fund for the next biennium will be at least three percent less
than appropriations from the state's General Fund for the current
biennium;
  (B) That there has been a decline in two or more consecutive
quarters in the last 12 months in seasonally adjusted nonfarm
payroll employment; or
  (C) That a quarterly economic and revenue forecast projects
that revenues in the state's General Fund in the current biennium
will be at least two percent below what the revenues were
projected to be in the revenue forecast on which the
legislatively adopted budget for the current biennium was based;
or
  (b) The proposed appropriation, allocation or transfer is
approved by three-fifths of the members serving in each house of
the Legislative Assembly and the Governor declares an emergency.
  (5) Earnings on moneys in the Oregon Budget Reserve Fund shall
be deposited into the fund and become part of the principal of
the fund.
  (6) For purposes of this section, moneys in the Oregon Budget
Reserve Fund that are appropriated, allocated or transferred
under subsection (4) of this section are not General Fund
moneys. + }
   { +  SECTION 2b.  + }  { +  (1) The Legislative Assembly shall
first apply the provisions of section 2a of this Article to the
budget developed for the biennium beginning July 1, 2015.
  (2) This section is repealed January 1, 2020. + }

  PARAGRAPH 2.  { + The amendment proposed by this resolution
shall be submitted to the people for their approval or rejection
at the next regular general election held throughout this
state. + }
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