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HB 2320 - State Spending Limitations and Savings Accounts - Kansas Key Vote

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Title: State Spending Limitations and Savings Accounts

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Budget Stabilization Reserve Fund, which will be credited directly from the State General Fund.

Highlights:

-Establishes that on August 1, 2011, and continuing each year, the unused actual revenue credited to the General Fund from the preceding fiscal year shall be deposited in the Budget Stabilization Reserve Fund (Sec. 1). -Determines that, when crediting the Stabilization Fund from the General Fund, funds from the federal American Economic Recovery and Reinvestment Act 2009 will not be regarded as revenue that may be credited to the Stabilization Fund (Sec. 1). -Provides that if the total General Fund revenue for a given fiscal year drops below that of the previous year, the difference will be appropriated from the Stabilization Fund into the General Fund, so long as the sum does not exceed 50 percent of the Stabilization Fund (Sec. 1). -Prohibits the Governor from including funds from the Stabilization Fund in any proposed budget expenditures (Sec. 2).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Title: State Spending Limitations and Savings Accounts

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