HB120 (2017) Detail

Relative to deposit of county unassigned fund balances in a revenue stabilization reserve account.


HB 120 - AS AMENDED BY THE HOUSE

 

15Feb2017... 0035h

2017 SESSION

17-0023

10/04

 

HOUSE BILL 120

 

AN ACT relative to deposit of county unassigned fund balances in a revenue stabilization reserve account.

 

SPONSORS: Rep. Buco, Carr. 2; Rep. Cordelli, Carr. 4; Rep. Avellani, Carr. 5; Rep. F. McCarthy, Carr. 2; Rep. Nelson, Carr. 5; Rep. Parker, Carr. 6; Rep. J. Belanger, Hills. 27; Rep. S. Schmidt, Carr. 6; Rep. Beaulieu, Hills. 45; Rep. Comeau, Carr. 5; Sen. Woodburn, Dist 1

 

COMMITTEE: Municipal and County Government

 

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ANALYSIS

 

This bill allows counties to establish a revenue stabilization reserve account for depositing any fiscal year undesignated/unassigned fund balance.  Moneys in the account may be transferred for offsetting a general fund operating budget deficit.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

15Feb2017... 0035h 17-0023

10/04

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Seventeen

 

AN ACT relative to deposit of county unassigned fund balances in a revenue stabilization reserve account.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  New Paragraph; Counties; Revenue Stabilization Reserve Account.  Amend RSA 24:13 by inserting after paragraph IV the following new paragraph:

V.(a)  The county convention may vote to establish and maintain a revenue stabilization reserve account.  At the close of the fiscal year, any undesignated/unassigned fund balance remaining on hand at the end of any fiscal year, as determined by official audit, shall be transferred by the county treasurer to the revenue stabilization reserve account.  The  treasurer shall invest funds in the revenue stabilization reserve account as authorized by RSA 29:3.  The interest so earned shall be deposited as unrestricted general fund revenue.

(b)  At the close of the fiscal year, the county convention may also vote to transfer to said account any other unencumbered surplus funds.  The revenue stabilization reserve account shall be allowed to accumulate from year to year, shall not be commingled with other county revenues, and shall not be deemed part of the general fund accumulated surplus.

(c)  In the event of a general fund operating budget deficit at the close of any fiscal year, as determined by official audit, the treasurer shall notify the county executive committee and the county commissioners of such deficit.  The treasurer shall request that sufficient funds, to the extent available, be transferred from the revenue stabilization reserve account to eliminate such deficit.  Such transfer may be made only after majority approval by the county executive committee and when both of the following conditions have been met:

(1)  A general fund operating budget deficit occurred for the most recently completed fiscal year; and

(2)  General fund revenues in the most recently completed fiscal year were less than the budget estimate.

(d)  The amount of said transfer shall not exceed a sum equal to the lower of the amount of the deficit in subparagraph (c)(1) or the revenue shortfall in subparagraph (c)(2).  Upon receipt of approval from the county executive committee, the treasurer shall immediately transfer the sums approved to the general fund surplus account.

(e)  No available balance in the revenue stabilization reserve account shall be used for any purpose other than those authorized by subparagraphs (c) and (d), without the specific approval of 2/3 of the county convention.

(f)  If, after the requirements of subparagraphs (b)-(e) have been met and the balance remaining in the revenue stabilization reserve account is in excess of an amount equal to 10 percent of the actual general fund unrestricted revenues for the most recently completed fiscal year, then such excess shall be transferred, without further action, to the county's general fund surplus account.

2  Effective Date.  This act shall take effect 60 days after its passage.

Links

HB120 at GenCourtMobile

Action Dates

Date Body Type
Jan. 11, 2017 House Hearing
Jan. 25, 2017 House Exec Session
Feb. 1, 2017 House Exec Session
Feb. 15, 2017 House Floor Vote
March 15, 2017 Senate Hearing
April 27, 2017 Senate Floor Vote

Bill Text Revisions

HB120 Revision: 493 Date: Feb. 21, 2017, 8:29 a.m.
HB120 Revision: 494 Date: Jan. 30, 2017, 3:43 p.m.

Docket

Date Status
Jan. 4, 2017 Introduced 01/04/2017 and referred to Municipal and County Government HJ 2 P. 17
Jan. 11, 2017 Public Hearing: 01/11/2017 10:30 AM LOB 301
Jan. 24, 2017 ==CANCELLED== Executive Session: 01/24/2017 01:00 PM LOB 301
Jan. 25, 2017 ==CANCELLED== Executive Session: 01/25/2017 01:00 PM LOB 301
Jan. 25, 2017 ==RECESSED== Executive Session: 01/25/2017 01:00 PM LOB 304
Feb. 1, 2017 ==CONTINUED== Executive Session: 02/01/2017 01:00 PM LOB 306
Feb. 15, 2017 Committee Report: Ought to Pass with Amendment # 2017-0035h for 02/15/2017 (Vote 13-0; CC) HC 11 P. 13
Feb. 15, 2017 Amendment # 2017-0035h: AA VV 02/15/2017 HJ 7 P. 17
Feb. 15, 2017 Ought to Pass with Amendment 0035h: MA VV 02/15/2017 HJ 7 P. 17
Feb. 16, 2017 Introduced 02/16/2017 and Referred to Public and Municipal Affairs; SJ 7
March 15, 2017 Hearing: 03/15/2017, Room 102, LOB, 09:30 am; SC 13
April 27, 2017 Committee Report: Inexpedient to Legislate, 04/27/2017; Vote 5-0; CC; SC 20
April 27, 2017 Inexpedient to Legislate, MA, VV === BILL KILLED ===; 04/27/2017; SJ 15