Accounting and expenditure of state funds and reduction of deficit (first consideration)

A constitutional amendment requires adoption by two successive legislatures, and ratification by the people, before it can become effective.

AJR100, s. 1 3 Section 1 .

Section 5 of article VIII of the constitution is amended to read:

AJR100,2,14 4 [Article VIII] Section 5. The legislature shall provide for an annual tax 5 sufficient to defray the estimated expenses of the state for each year; and whenever 6 the expenses of any year shall exceed the income, the legislature shall provide for 7 levying a tax for the ensuing year, sufficient, with other sources of income, to pay the 1 deficiency as well as the estimated expenses of such ensuing year.

The legislature 2 may establish the basis of accounting to be used for budget purposes. In addition to 3 the statutory basis of accounting, the state shall account for and report all funds it 4 receives or spends including, but not limited to, component units in accordance with 5 generally accepted accounting principles. The legislature may not pass any bill that 6 would cause an increase in the projected deficit in any state fund under generally 7 accepted accounting principles. The legislature shall pass an annual or biennial 8 budget bill that is projected to reduce any existing deficit in any state fund that is 9 affected by the budget bill reported under generally accepted accounting principles 10 by at least one-tenth of any projected annual increase of tax revenues deposited in 11 that state fund in each fiscal year. Once any deficit in a state fund under generally 12 accepted accounting principles is eliminated, the legislature may not pass any bill 13 affecting that fund that would result in a projected deficit in that state fund under 14 generally accepted accounting principles.

AJR100,2,17 15 Be it further resolved, That this proposed amendment be referred to the 16 legislature to be chosen at the next general election and that it be published for three 17 months previous to the time of holding such election.

AJR100,2,18 18 (End) Down Down /2011/related/proposals/ajr100 true proposaltext /2011/related/proposals/ajr100 proposaltext/2011/REG/AJR100 proposaltext/2011/REG/AJR100 section true Menu » 2011 » Related Documents » Proposal Text » AJR100: Joint Resolution Text × Details for PDF view Link (Permanent link) Bookmark this location View toggle Go to top of document Search in this chapter Search in this section Search in this agency Search in this chapter group Search in this chapter Search in this section Cross references for section Acts affecting this section References to this 1970 Statutes Annotations Appellate Court Citations Administrative Code Index Reference lines Clear highlighting $(document).ready(function () {

$('[data-toggle=tooltip]').tooltip({ container: 'body' });

});