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H. B. No. 476 As IntroducedAs Introduced
129th General Assembly | Regular Session | 2011-2012 |
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Representatives Ramos, Pillich
Cosponsors:
Representatives Murray, Hagan, R., Driehaus, Antonio, Boyd, Yuko, Reece, Phillips, Fende, Fedor, Lundy, Celeste, Winburn, Foley, Gerberry, Budish, Heard, Szollosi, Carney, Sykes, Slesnick
A BILL
To amend sections 131.43 and 131.44 and enact
sections 131.441 and 131.442 of the Revised Code
to create the Local Government Job Fund in the
state treasury to provide funding to local
governments for job creation, maintenance, and
retention programs; to require the Director of
Budget and Management, in any year that the state
unemployment rate exceeds six percent, to transfer
the amount, if any, that would be transferred to
the Budget Stabilization Fund or the Income Tax
Reduction Fund to the Local Government Job Fund;
and to amend the version of section 131.44 of the
Revised Code that is scheduled to take effect June
1, 2013, to continue the provisions of this act on
and after that effective date.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 131.43 and 131.44 be amended and
sections 131.441 and 131.442 of the Revised Code be enacted to
read as follows:
Sec. 131.43. There is hereby created in the state treasury
the budget stabilization fund. It In years when the state
unemployment rate, as measured by the director of job and family
services, is less than six per cent, it is the intent of the
general assembly to maintain an amount of money in the budget
stabilization fund that amounts to approximately five per cent of
the general revenue fund revenues for the preceding fiscal year.
The governor shall include in the state budget he the governor
submits to the general assembly under section 107.03 of the
Revised Code proposals for transfers between the general revenue
fund and the budget stabilization fund for the ensuing fiscal
biennium. The balance in the fund may be combined with the balance
in the general revenue fund for purposes of cash management.
Sec. 131.44. (A) As used in this section:
(1) "Surplus revenue" means the excess, if any, of the total
fund balance over the required year-end balance.
(2) "Total fund balance" means the sum of the unencumbered
balance in the general revenue fund on the last day of the
preceding fiscal year plus the balance in the budget stabilization
fund.
(3) "Required year-end balance" means the sum of the
following:
(a) Five per cent of the general revenue fund revenues for
the preceding fiscal year;
(b) "Ending fund balance," which means one-half of one per
cent of general revenue fund revenues for the preceding fiscal
year;
(c) "Carryover balance," which means, with respect to a
fiscal biennium, the excess, if any, of the estimated general
revenue fund appropriation and transfer requirement for the second
fiscal year of the biennium over the estimated general revenue
fund revenue for that fiscal year;
(d) "Capital appropriation reserve," which means the amount,
if any, of general revenue fund capital appropriations made for
the current biennium that the director of budget and management
has determined will be encumbered or disbursed;
(e) "Income tax reduction impact reserve," which means an
amount equal to the reduction projected by the director of budget
and management in income tax revenue in the current fiscal year
attributable to the previous reduction in the income tax rate made
by the tax commissioner pursuant to division (B) of section
5747.02 of the Revised Code.
(4) "Estimated general revenue fund appropriation and
transfer requirement" means the most recent adjusted
appropriations made by the general assembly from the general
revenue fund and includes both of the following:
(a) Appropriations made and transfers of appropriations from
the first fiscal year to the second fiscal year of the biennium in
provisions of acts of the general assembly signed by the governor
but not yet effective;
(b) Transfers of appropriation appropriations from the first
fiscal year to the second fiscal year of the biennium approved by
the controlling board.
(5) "Estimated general revenue fund revenue" means the most
recent such estimate available to the director of budget and
management.
(B)(1) Not later than the thirty-first day of July each year,
the director of budget and management shall determine the surplus
revenue that existed on the preceding thirtieth day of June and
transfer from the general revenue fund, to the extent of the
unobligated, unencumbered balance on the preceding thirtieth day
of June in excess of one-half of one per cent of the general
revenue fund revenues in the preceding fiscal year, the following:
(a) In years when the state unemployment rate, using the most
recently calculated annual rate as measured by the director of job
and family services, is six per cent or greater, to the local
government job fund created in section 131.441 of the Revised Code
an amount equal to the surplus revenue.
(b) In years when division (B)(1)(a) of this section does not
apply, as follows:
(i) First, to the budget stabilization fund, any amount
necessary for the balance of the budget stabilization fund to
equal five per cent of the general revenue fund revenues of the
preceding fiscal year;
(b)(ii) Then, to the income tax reduction fund, which is
hereby created in the state treasury, an amount equal to the
surplus revenue.
(2) Not later than the thirty-first day of July each year,
the director shall determine the percentage that the balance in
the income tax reduction fund is of the amount of revenue that the
director estimates will be received from the tax levied under
section 5747.02 of the Revised Code in the current fiscal year
without regard to any reduction under division (B) of that
section. If that percentage exceeds thirty-five one hundredths of
one per cent, the director shall certify the percentage to the tax
commissioner not later than the thirty-first day of July.
(C) The director of budget and management shall transfer
money in the income tax reduction fund to the general revenue
fund, the local government fund, and the public library fund as
necessary to offset revenue reductions resulting from the
reductions in taxes required under division (B) of section 5747.02
of the Revised Code in the respective amounts and percentages
prescribed by division (A) of section 5747.03 and divisions (A)
and (B) of section 131.51 of the Revised Code as if the amount
transferred had been collected as taxes under Chapter 5747. of the
Revised Code. If no reductions in taxes are made under that
division that affect revenue received in the current fiscal year,
the director shall not transfer money from the income tax
reduction fund to the general revenue fund, the local government
fund, and the public library fund.
Sec. 131.441. There is hereby created in the state treasury
the local government job fund. The fund shall consist of transfers
made to the fund under section 131.44 of the Revised Code.
Interest earned on money in the fund shall be credited to the
fund.
Money in the fund shall be used to fund job creation,
maintenance, and retention programs and for other purposes related
to increasing employment in the state.
Sec. 131.442. Not later than thirty days after a transfer to
the local government job fund is made under section 131.44 of the
Revised Code, the director of budget and management shall transfer
the following:
(A) To the undivided local government fund of each county, an
amount from the local government job fund proportional to the
amount distributed to each county from the local government fund
under division (B) of section 5747.50 of the Revised Code;
(B) To the general fund of each municipal corporation that
receives money from the local government fund, an amount from the
local government job fund proportional to the amount distributed
to each municipal corporation from the local government fund under
division (C) of section 5747.50 of the Revised Code.
Section 2. That existing sections 131.43 and 131.44 of the
Revised Code are hereby repealed.
Section 3. That the version of section 131.44 of the Revised
Code that is scheduled to take effect on June 1, 2013, be amended
to read as follows:
Sec. 131.44. (A) As used in this section:
(1) "Surplus revenue" means the excess, if any, of the total
fund balance over the required year-end balance.
(2) "Total fund balance" means the sum of the unencumbered
balance in the general revenue fund on the last day of the
preceding fiscal year plus the balance in the budget stabilization
fund.
(3) "Required year-end balance" means the sum of the
following:
(a) Five per cent of the general revenue fund revenues for
the preceding fiscal year;
(b) "Ending fund balance," which means one-half of one per
cent of general revenue fund revenues for the preceding fiscal
year;
(c) "Carryover balance," which means, with respect to a
fiscal biennium, the excess, if any, of the estimated general
revenue fund appropriation and transfer requirement for the second
fiscal year of the biennium over the estimated general revenue
fund revenue for that fiscal year;
(d) "Capital appropriation reserve," which means the amount,
if any, of general revenue fund capital appropriations made for
the current biennium that the director of budget and management
has determined will be encumbered or disbursed;
(e) "Income tax reduction impact reserve," which means an
amount equal to the reduction projected by the director of budget
and management in income tax revenue in the current fiscal year
attributable to the previous reduction in the income tax rate made
by the tax commissioner pursuant to division (B) of section
5747.02 of the Revised Code.
(4) "Estimated general revenue fund appropriation and
transfer requirement" means the most recent adjusted
appropriations made by the general assembly from the general
revenue fund and includes both of the following:
(a) Appropriations made and transfers of appropriations from
the first fiscal year to the second fiscal year of the biennium in
provisions of acts of the general assembly signed by the governor
but not yet effective;
(b) Transfers of appropriations from the first fiscal year to
the second fiscal year of the biennium approved by the controlling
board.
(5) "Estimated general revenue fund revenue" means the most
recent such estimate available to the director of budget and
management.
(B)(1) Not later than the thirty-first day of July each year,
the director of budget and management shall determine the surplus
revenue that existed on the preceding thirtieth day of June and
transfer from the general revenue fund, to the extent of the
unobligated, unencumbered balance on the preceding thirtieth day
of June in excess of one-half of one per cent of the general
revenue fund revenues in the preceding fiscal year, the following:
(a) In years when the state unemployment rate, using the most
recently calculated annual rate as measured by the director of job
and family services, is six per cent or greater, to the local
government job fund created in section 131.441 of the Revised Code
an amount equal to the surplus revenue.
(b) In years when division (B)(1)(a) of this section does not
apply, as follows:
(i) First, to the budget stabilization fund, any amount
necessary for the balance of the budget stabilization fund to
equal five per cent of the general revenue fund revenues of the
preceding fiscal year;
(b)(ii) Then, to the income tax reduction fund, which is
hereby created in the state treasury, an amount equal to the
surplus revenue.
(2) Not later than the thirty-first day of July each year,
the director shall determine the percentage that the balance in
the income tax reduction fund is of the amount of revenue that the
director estimates will be received from the tax levied under
section 5747.02 of the Revised Code in the current fiscal year
without regard to any reduction under division (B) of that
section. If that percentage exceeds thirty-five one hundredths of
one per cent, the director shall certify the percentage to the tax
commissioner not later than the thirty-first day of July.
(C) The director of budget and management shall transfer
money in the income tax reduction fund to the general revenue
fund, the local government fund, and the public library fund as
necessary to offset revenue reductions resulting from the
reductions in taxes required under division (B) of section 5747.02
of the Revised Code in the respective amounts and percentages
prescribed by division (A) of section 5747.03 and divisions (B)
and (C) of section 131.51 of the Revised Code as if the amount
transferred had been collected as taxes under Chapter 5747. of the
Revised Code. If no reductions in taxes are made under that
division that affect revenue received in the current fiscal year,
the director shall not transfer money from the income tax
reduction fund to the general revenue fund, the local government
fund, and the public library fund.
Section 4. That the existing version of section 131.44 of
the Revised Code that is scheduled to take effect June 1, 2013, is
hereby repealed.
Section 5. Sections 3 and 4 of this act shall take effect
June 1, 2013.
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