HB1316: State revenue; when actual revenue exceeds the estimate, the surplus amount will be used to reduce the state debt.

Legislative Summary

An Act To Provide That In Any Fiscal Year In Which The Amount Of Actual General Fund Revenue Received Exceeds The Official Sine Die General Fund Revenue Estimate For That Fiscal Year, The Amount Of The Surplus General Fund Revenue Above The Revenue Estimate, Reduced By The Rate Of Inflation For The Previous Calendar Year, Shall Be Used To Reduce The Debt Of The State Of Mississippi; To Bring Forward Section 27-103-213, Mississippi Code Of 1972, Which Provides For The Distribution Of The Unencumbered Cash Balance In The General Fund At The End Of Each Fiscal Year, For The Purposes Of Possible Amendment; To Bring Forward Section 27-103-203, Mississippi Code Of 1972, Which Creates The Working Cash-stabilization Reserve Fund, For The Purposes Of Possible Amendment; And For Related Purposes.