Arizona 2024 Regular Session

Arizona House Bill HB2610

Introduced

1/23/24

Report Pass

1/31/24

Introduced

1/23/24

Report Pass

2/20/24

Report Pass

1/31/24

Report Pass

2/20/24

Caption

Budget stabilization fund; cap; repeal

Impact

By amending section 35-144 of the Arizona Revised Statutes, the bill has the potential to influence how the state allocates its budgetary resources, particularly in fiscal years where economic growth exceeds certain thresholds. The bill establishes criteria for determining when excess funds in the stabilization fund can be appropriated to general state funds, which can alleviate budgetary pressures in different state departments. Moreover, this approach may enable the state to maintain a higher reserve during periods of increased revenue, ultimately promoting financial resilience.

Summary

House Bill 2610 focuses on the budget stabilization fund within the Arizona state financial system. The bill aims to amend existing statutes regarding the budget stabilization fund, specifically addressing the cap on funding and the conditions for appropriations and transfers. One significant change proposed by HB2610 is the repeal of the existing cap on the fund, which is intended to provide greater flexibility in managing state financial resources. This amendment allows for more significant accumulation of capital in the stabilization fund during years with higher revenue growth, thereby enhancing the state's ability to respond to fiscal challenges or emergencies.

Contention

While proponents of HB2610 argue that removing the cap will allow the state to utilize excess funds more effectively during times of economic prosperity, critics express concerns about the implications of having a large amount of funding concentrated in a single fund. There are worries that such a change could lead to less oversight, potential misallocation of resources, or difficulty in ensuring accountability for state spending. The balance between adequate funding for the stabilization fund and ensuring responsible fiscal management remains a point of contention among legislators and stakeholders.

Latest AZ HB2610 Activity

View All Events: AZ 2024 Regular Session HB2610

Companion Bills

No companion bills found.

Previously Filed As

AZ SB1551

budget stabilization fund; transportation fund

AZ SB1541

budget stabilization fund; public safety salaries

AZ HB683

Provides relative to the disposition of certain state revenues through repeal of the Revenue Stabilization Trust Fund and dedication of certain revenues to the Budget Stabilization Fund. (EG SEE FISC NOTE GF RV See Note)

AZ S1908

Budget Stabilization Fund

AZ H5019

Budget Stabilization Fund

AZ HB678

(Constitutional Amendment) Modifies disposition of certain state revenues through repeal of the Revenue Stabilization Trust Fund and deposits of certain revenue streams into the Budget Stabilization Fund (RRF INCREASE GF RV See Note)

AZ HB2298

Transferring $1,000,000,000 from the budget stabilization fund to the liability reduction fund of KPERS, using a portion of the interest earnings of the liability reduction fund to provide a 2% COLA for retirants who have been retired for more than 5 years, transferring annually certain amounts from the state general fund to the budget stabilization fund and establishing requirements for the expenditure or transfer of moneys from the budget stabilization fund.

AZ HF3379

Housing stabilization services repealed.

AZ HB5610

BUDGET STABILIZATION-PENSION

AZ SB1080

In special funds, further providing for disposition of Budget Stabilization Reserve Fund.

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