If enacted, HB 0147 would significantly alter the state's budgeting framework by establishing an annual approach, moving away from the traditional biennial budget cycle. The bill stipulates that the total recommended appropriations for any two-year budget period must not exceed the total estimated revenues for that period. Additionally, it aims to ensure that significant reserves, like the legislative stabilization reserve account, have adequate funding, ascertaining that up to $2 billion is available by June 2023.
Summary
House Bill 0147 focuses on the annual cash-based budget development within the Wyoming state government. It intends to limit appropriations in the state budget to previously established revenue levels, amending existing laws related to revenue distribution and fund transfers. This shift aims to streamline budgeting processes while demanding a study to assess impacts before implementation. The bill's provisions are tied to specific funding benchmarks to ensure fiscal responsibility.
Sentiment
The sentiment around HB 0147 appears mixed, with supporters arguing that the bill will promote fiscal discipline and strengthen the budgeting process by relying on actual revenues rather than anticipated increases. However, concerns have been raised regarding its implications for financial flexibility and potential impacts on funding priorities. Some legislators express worry over the constraints the bill places on future funding opportunities for essential services and programs.
Contention
The most notable contention surrounding the bill stems from its potential restrictions on appropriations, particularly regarding emergency funding or changes in regulatory funding needs. Opponents argue that tying budgets strictly to past revenues could inhibit the state's ability to respond swiftly to changing economic conditions or urgent public needs, thus curtailing necessary investments in infrastructure and services.
"Zero-Based Budget Act;" requires State Treasurer to develop and integrate certain zero-based budgeting practices and procedures in preparation and submission of Governor's annual budget message.
"Zero-Based Budget Act;" requires State Treasurer to develop and integrate certain zero-based budgeting practices and procedures in preparation and submission of Governor's annual budget message.
State finance; creating the Zero-Based Budgeting Implementation Act; requiring development of certain plan; requiring certain budget review. Effective date.
State finance; creating the Zero-Based Budgeting Implementation Act; requiring development of certain plan; requiring certain budget review. Effective date.