HUTF And Capital Construction Fund Transfers

Joint Budget Committee. For the current state fiscal year and for the next 3 state fiscal years, the state treasurer is required to transfer money from the general fund to the capital construction fund and the highway users tax fund (Senate Bill 228 transfers). For the current fiscal year, the Senate Bill 228 transfers are fixed amounts and for the remaining years, they are a percentage of the total general fund revenues, that may be reduced or eliminated if the state has to refund excess state revenues in accordance with the taxpayer's bill of rights.

The bill reduces the transfer to the highway users tax fund to be made for the current fiscal year on June 30, 2017, from $158 million to $79 million. The future conditional transfers to the highway users tax fund are replaced with the following fixed transfers:

• $79 million on June 30, 2018;
• $160 million on June 30, 2019; and
• $160 million on June 30, 2020.

The future conditional transfers to the capital construction fund are replaced with the following fixed transfers:

• No transfer for the fiscal year 2017-18;
• $60 million on June 30, 2019; and
• $60 million on June 30, 2020.

The bill also repeals provisions that relate to the conditional transfers.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)