Louisiana Revised Statutes 39:100.112 – Revenue Stabilization Trust Fund
Terms Used In Louisiana Revised Statutes 39:100.112
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Appropriation: means an authorization by the legislature to a budget unit for a program to expend from public funds a sum of money, for purposes designated, under the procedure prescribed in this Chapter. See Louisiana Revised Statutes 39:2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts recording cash or other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with regulations, restrictions, and limitations. See Louisiana Revised Statutes 39:2
A. There is hereby established in the state treasury a special trust fund, the Revenue Stabilization Trust Fund, hereinafter referred to as the “fund”.
B. After allocation of money to the Bond Redemption and Security Fund as provided in La. Const. Art. VII, § 9(B) , the treasurer shall deposit in and credit to the fund the revenues as provided for in Subsections C and D of this Section.
C. The treasurer shall deposit into the fund the amount of mineral revenues as provided in La. Rev. Stat. 39:100.116.
D. The treasurer shall deposit into the fund the amount of revenues in excess of six hundred million dollars received each fiscal year from corporate franchise and income taxes as recognized by the Revenue Estimating Conference.
E.(1) Except as provided for in Subsection F of this Section, monies deposited into the Revenue Stabilization Trust Fund shall be permanently credited to the trust fund and shall be invested by the treasurer in the same manner as investments of the Millennium Trust, as provided in La. Rev. Stat. 39:98.2.
(2) The treasurer shall deposit all interest or other income from investment on the fund into the state general fund.
F.(1) Except as provided in Paragraphs (2) and (3) of this Subsection, no appropriations shall be made from the Revenue Stabilization Trust Fund.
(2)(a) In any fiscal year in which the balance of the fund at the beginning of the year is in excess of five billion dollars, hereinafter referred to as the minimum fund balance, the legislature may appropriate an amount not to exceed ten percent of the fund balance, hereinafter referred to as the allowable percentage, for the following:
(i) Capital outlay projects in the comprehensive state capital budget.
(ii) Transportation infrastructure.
(b) The minimum fund balance or the allowable percentage may be changed by a law enacted by two-thirds of the elected members of each house of the legislature.
(3) In order to ensure the money in the fund is available for appropriation in an emergency, the legislature may authorize an appropriation from the fund at any time for any purpose pursuant to a concurrent resolu tion adopted by a favorable vote of two-thirds of the elected members of each house of the legislature. If the legislature is not in session, the two-thirds consent requirement shall be obtained as provided in La. Rev. Stat. 39:87.
Acts 2016, No. 639, §1, special eff. date.