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, but not to exceed five percent, 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.