Reference is to Printer's Date 2/19/15-H.
Amend the bill, as and if amended, SECTION 1, by striking Section 6-27-30(B) and inserting:
/ (B)(1)
In any fiscal year in which general fund
revenues are projected to increase, the appropriation to the
Local Government Revenue Sharing Fund for the upcoming fiscal
year must be increased by the same projected percentage increase
when compared to the appropriation in the current fiscal year.
For purposes of this subsection, beginning with the initial
forecast required pursuant to Section 11-9-880, the percentage
increase in general fund revenues must be determined by the
Revenue and Fiscal Affairs Office by comparing the current
fiscal year's recurring general fund expenditure base with the
Board of Economic Advisors' most recent projection of recurring
general fund revenue for the upcoming fiscal year. Upon the
issuance of the initial forecast, the Executive Director of the
Revenue and Fiscal Affairs Office, or his designee, shall notify
the Chairman of the Senate Finance Committee, the Chairman of
the House Ways and Means Committee, and the Governor of the
projected percentage increase. The executive director, or his
designee, shall provide similar notice if subsequent
modifications to the forecast change the projected percentage
increase. However, the forecast in effect on May thirty-first
of the current fiscal year is the final forecast for which the
percentage increase is determined, and no subsequent forecast
modifications shall have any effect on that determination.
(2)
The Governor shall include the appropriation
increase to the Local Government Revenue Sharing Fund in the
Executive Budget.
(3)
The Revenue and Fiscal Affairs Office shall
determine the current fiscal year's recurring general fund
expenditure base, and determine any projected increase in
general fund revenues. If an increase is projected, the
appropriation for the upcoming fiscal year must be adjusted
accordingly. /
Renumber sections to conform.
Amend title to conform.