Bills · 2023-2024 Regular Session
Relating to: accounting and expenditure of state funds and reduction of deficit (first consideration).
Administration department of — Budget and fiscal issues Appropriation Bills legislative Budget bills and process Constitutional amendments — First consideration Debt public
- Introduced, stopped here
- Passes Senate, not reached
- Passes Assembly, not reached
- Adopted, not reached
Unfamiliar terms? Glossary
What this bill does
Plain-language analysis by the nonpartisan Legislative Reference Bureau
This constitutional amendment, proposed to the 2023 legislature on first
consideration, requires the state to account for and report all funds it receives or
expends in accordance with generally accepted accounting principles (GAAP).
The amendment further authorizes the legislature to establish the budgetary
basis of accounting, requires that any deficit of a state fund affected by a budget bill
be reduced annually by 10 percent of any projected increase in tax revenues in that
fund, and requires that, once the deficit is eliminated, the legislature may not pass
any bill that would result in a projected deficit.
A constitutional amendment requires adoption by two successive legislatures,
and ratification by the people, before it can become effective.