WeVote
Log In

Bill

Bill

LC 1124

Generally revise laws related to budget stability and managing volatility

2025 Regular Session

Strengthen fiscal resilience by revising budget laws to curb volatility, improve forecasting, and build robust reserves with clearer rules on spending and budget controls.

(LC) Draft Died in Process
#statefinance(seealso:appropriations;taxationsubjects)
0
WeVote Research Nonpartisan
Bill Summary · LC 1124

Summary of LC 1124

LC 1124 is a draft bill introduced on November 11, 2024, titled “Generally revise laws related to budget stability and managing volatility.” The bill is classified as a general budget/finance measure and falls under State Finance, including potential connections to Appropriations and Taxation subjects. As of May 23, 2025, the draft died in process and did not advance to enactment.

Purpose and Intent

  • The bill appears aimed at strengthening fiscal resilience by revising existing laws to improve budget stability and reduce the effects of revenue and expenditure volatility.
  • Intent likely includes establishing clearer rules or frameworks for forecasting, reserves, and budget execution to avoid abrupt deficits or over-spending during economic swings.

Key Provisions (based on title; text not publicly provided)

  • The exact provisions are not available in the provided information. However, bills of this type typically address:
    • Budget forecasting standards and transparency for revenue and expenditure projections.
    • Creation or optimization of reserve funds (e.g., rainy-day or stabilization funds) with defined minimums or targets.
    • Fiscal rules to manage cyclicality (e.g., caps on operating spending, rules governing one-time versus ongoing expenditures).
    • Automatic stabilizers or triggers to bolster or tighten budgets in response to economic conditions.
    • Procedures for budgetary adjustments, contingency planning, and debt/liability management.
    • Reporting, oversight, and accountability measures related to budget volatility management.

Who Would Be Affected

  • State Finance and Budget Offices (e.g., executive budget office, comptroller or treasury functions) responsible for forecasting and reserves.
  • Legislative budget committees and fiscal analysts who review and adjust the budget.
  • State agencies subject to budgetary allocations and any new reserve or stabilization requirements.
  • Potentially taxpayers and public departments affected by revised appropriation practices or reserve funding mechanisms.

Procedural History and Timeline

  • Introduced: November 11, 2024
  • Drafter Assigned: November 11, 2024
  • On Hold: November 14, 2024
  • Draft Died in Process: May 23, 2025
  • Status: Draft died in process; no enacted language or final text available.

Potential Implications if Enacted (Hypothetical)

  • Positive: Improved fiscal stability during economic downturns, clearer budgeting rules, stronger reserve buffers, and more predictable public services.
  • Challenges: Possible constraints on discretionary spending, more complex budgeting processes, and a longer lead time to implement new forecasting and reserve requirements.

Notes

  • This summary reflects the information available in the bill record. No specific statutory text or active provisions are provided here. If the bill were revived or reintroduced, a detailed analysis of the exact language would be necessary to identify precise effects, fiscal impact, and implementation timelines.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.