8.57 ANNUAL APPROPRIATIONS -- REDUCTION OF GAAP
DEFICIT -- REBUILD IOWA INFRASTRUCTURE FUND.
1. a. The "cash reserve goal percentage" for fiscal years
beginning on or after July 1, 2004, is seven and one-half percent of
the adjusted revenue estimate. For each fiscal year in which the
appropriation of the surplus existing in the general fund of the
state at the conclusion of the prior fiscal year pursuant to
paragraph "b" was not sufficient for the cash reserve fund to
reach the cash reserve goal percentage for the current fiscal year,
there is appropriated from the general fund of the state an amount to
be determined as follows:
(1) If the balance of the cash reserve fund in the current fiscal
year is not more than six and one-half percent of the adjusted
revenue estimate for the current fiscal year, the amount of the
appropriation under this lettered paragraph is one percent of the
adjusted revenue estimate for the current fiscal year.
(2) If the balance of the cash reserve fund in the current fiscal
year is more than six and one-half percent but less than seven and
one-half percent of the adjusted revenue estimate for that fiscal
year, the amount of the appropriation under this lettered paragraph
is the amount necessary for the cash reserve fund to reach seven and
one-half percent of the adjusted revenue estimate for the current
fiscal year.
(3) The moneys appropriated under this lettered paragraph shall
be credited in equal and proportionate amounts in each quarter of the
current fiscal year.
b. The surplus existing in the general fund of the state at
the conclusion of the fiscal year is appropriated for distribution in
the succeeding fiscal year as provided in subsections 3 and 4.
Moneys credited to the cash reserve fund from the appropriation made
in this paragraph shall not exceed the amount necessary for the cash
reserve fund to reach the cash reserve goal percentage for the
succeeding fiscal year. As used in this paragraph, "surplus"
means the excess of revenues and other financing sources over
expenditures and other financing uses for the general fund of the
state in a fiscal year.
c. The amount appropriated in this section is not subject to
the provisions of section 8.31, relating to requisitions and
allotment, or to section 8.32, relating to conditional availability
of appropriations.
2. a. There is appropriated from the surplus existing in the
general fund of the state at the conclusion of the fiscal year
beginning July 1, 2005, and ending June 30, 2006, and at the
conclusion of each succeeding fiscal year for distribution to the
senior living trust fund, an amount equal to one percent of the
adjusted revenue estimate for the current fiscal year. However, if
the amount of the surplus existing in the general fund of the state
at the conclusion of a fiscal year is less than two percent of the
adjusted revenue estimate for that fiscal year, the amount of the
appropriation made in this paragraph shall be equal to fifty percent
of the surplus amount. The appropriation made in this paragraph
shall be distributed to the senior living trust fund in the
succeeding fiscal year. For the purposes of this subsection,
"surplus" means the same as defined in subsection 1, paragraph
"b".
b. The appropriation made in paragraph "a" shall be made
before the appropriations are made pursuant to subsections 1, 3, and
4, of the surplus existing in the general fund of the state at the
conclusion of the fiscal year beginning July 1, 2005, and ending June
30, 2006, and each succeeding fiscal year.
c. The appropriation made in paragraph "a" shall continue
until the aggregate amount of the appropriations made, reverted, or
transferred to the senior living trust fund for all fiscal years
beginning on or after July 1, 2004, pursuant to paragraph "a" of
this subsection, section 8.55, subsection 2, paragraph "b", and
any other law providing for an appropriation or reversion or transfer
of an appropriation to the senior living trust fund is equal to three
hundred million dollars.
d. This subsection and section 8.55, subsection 2, paragraph
"b", are repealed when the aggregate amount specified in
paragraph "c" has been distributed, appropriated, reverted, or
transferred to the senior living trust fund. The director of the
department of management shall notify the Iowa Code editor when the
aggregate amount has been distributed, appropriated, reverted, or
transferred.
3. Moneys appropriated under subsection 1 shall be first credited
to the cash reserve fund. To the extent that moneys appropriated
under subsection 1 would make the moneys in the cash reserve fund
exceed the cash reserve goal percentage of the adjusted revenue
estimate for the fiscal year, the moneys are appropriated to the
department of management to be spent for the purpose of eliminating
Iowa's GAAP deficit, including the payment of items budgeted in a
subsequent fiscal year which under generally accepted accounting
principles should be budgeted in the current fiscal year. These
moneys shall be deposited into a GAAP deficit reduction account
established within the department of management. The department of
management shall annually file with both houses of the general
assembly at the time of the submission of the governor's budget, a
schedule of the items for which moneys appropriated under this
subsection for the purpose of eliminating Iowa's GAAP deficit,
including the payment of items budgeted in a subsequent fiscal year
which under generally accepted accounting principles should be
budgeted in the current fiscal year, shall be spent. The schedule
shall indicate the fiscal year in which the spending for an item is
to take place and shall incorporate the items detailed in 1994 Iowa
Acts, chapter 1181, section 17. The schedule shall list each item of
expenditure and the estimated dollar amount of moneys to be spent on
that item for the fiscal year. The department of management may
submit during a regular legislative session an amended schedule for
legislative consideration. If moneys appropriated under this
subsection are not enough to pay for all listed expenditures, the
department of management shall distribute the payments among the
listed expenditure items. Moneys appropriated to the department of
management under this subsection shall not be spent on items other
than those included in the filed schedule. On September 1 following
the close of a fiscal year, moneys in the GAAP deficit reduction
account which remain unexpended for items on the filed schedule for
the previous fiscal year shall be credited to the Iowa economic
emergency fund.
4. To the extent that moneys appropriated under subsection 1
exceed the amounts necessary for the cash reserve fund to reach its
maximum balance and the amounts necessary to eliminate Iowa's GAAP
deficit, including elimination of the making of any appropriation in
an incorrect fiscal year, the moneys shall be appropriated to the
Iowa economic emergency fund.
5. As used in this section, "GAAP" means generally accepted
accounting principles as established by the governmental accounting
standards board.
6. a. A rebuild Iowa infrastructure fund is created under the
authority of the department of management. The fund shall consist of
appropriations made to the fund and transfers of interest, earnings,
and moneys from other funds as provided by law. The fund shall be
separate from the general fund of the state and the balance in the
fund shall not be considered part of the balance of the general fund
of the state. However, the fund shall be considered a special
account for the purposes of section 8.53, relating to generally
accepted accounting principles.
b. Moneys in the infrastructure fund are not subject to
section 8.33. Notwithstanding section 12C.7, subsection 2, interest
or earnings on moneys in the infrastructure fund shall be credited to
the infrastructure fund. Moneys in the infrastructure fund may be
used for cash flow purposes during a fiscal year provided that any
moneys so allocated are returned to the infrastructure fund by the
end of that fiscal year.
c. Moneys in the fund in a fiscal year shall be used as
directed by the general assembly for public vertical infrastructure
projects. For the purposes of this subsection, "vertical
infrastructure" includes only land acquisition and construction,
major renovation and major repair of buildings, all appurtenant
structures, utilities, site development, and recreational trails.
"Vertical infrastructure" does not include routine, recurring
maintenance or operational expenses or leasing of a building,
appurtenant structure, or utility without a lease-purchase agreement.
d. The general assembly may provide that all or part of the
moneys deposited in the GAAP deficit reduction account created in
this section shall be transferred to the infrastructure fund in lieu
of appropriation of the moneys to the Iowa economic emergency fund.
e. (1) (a) (i) Notwithstanding provisions to the contrary in
sections 99D.17 and 99F.11, for the fiscal year beginning July 1,
2000, and for each fiscal year thereafter, not more than a total of
sixty-six million dollars shall be deposited in the general fund of
the state in any fiscal year pursuant to sections 99D.17 and 99F.11.
(ii) However, in lieu of the deposit in subparagraph subdivision
(i), for the fiscal year beginning July 1, 2010, and for each fiscal
year thereafter until the principal and interest on all bonds issued
by the treasurer of state pursuant to section 12.87 are paid, as
determined by the treasurer of state, the first fifty-five million
dollars of the moneys directed to be deposited in the general fund of
the state under subparagraph subdivision (i) shall be deposited in
the revenue bonds debt service fund created in section 12.89, and the
next five million dollars of the moneys directed to be deposited in
the general fund of the state under subparagraph subdivision (i)
shall be deposited in the general fund of the state.
(b) The next fifteen million dollars of the moneys directed to be
deposited in the general fund of the state in a fiscal year pursuant
to sections 99D.17 and 99F.11 shall be deposited in the vision Iowa
fund created in section 12.72 for the fiscal year beginning July 1,
2000, and for each fiscal year through the fiscal year beginning July
1, 2019.
(c) The next five million dollars of the moneys directed to be
deposited in the general fund of the state in a fiscal year pursuant
to sections 99D.17 and 99F.11 shall be deposited in the school
infrastructure fund created in section 12.82 for the fiscal year
beginning July 1, 2000, and for each fiscal year thereafter until the
principal and interest on all bonds issued by the treasurer of state
pursuant to section 12.81 are paid, as determined by the treasurer of
state.
(d) (i) The total moneys in excess of the moneys deposited in the
revenue bonds debt service fund, the vision Iowa fund, the school
infrastructure fund, and the general fund of the state in a fiscal
year shall be deposited in the rebuild Iowa infrastructure fund and
shall be used as provided in this section, notwithstanding section
8.60.
(ii) However, in lieu of the deposit in subparagraph subdivision
(i), for the fiscal year beginning July 1, 2010, and for each fiscal
year thereafter until the principal and interest on all bonds issued
by the treasurer of state pursuant to section 12.87 are paid, as
determined by the treasurer of state, fifty-five million dollars of
the excess moneys directed to be deposited in the rebuild Iowa
infrastructure fund under subparagraph subdivision (i) shall be
deposited in the general fund of the state.
(2) If the total amount of moneys directed to be deposited in the
general fund of the state under sections 99D.17 and 99F.11 in a
fiscal year is less than the total amount of moneys directed to be
deposited in the revenue bonds debt service fund in the fiscal year
pursuant to this paragraph "e", the difference shall be paid from
moneys deposited in the beer and liquor control fund created in
section 123.53 in the manner provided in section 123.53, subsection
3.
(3) After the deposit of moneys directed to be deposited in the
general fund of the state and the revenue bonds debt service fund as
provided in subparagraph (1), subparagraph division (a), if the total
amount of moneys directed to be deposited in the general fund of the
state under sections 99D.17 and 99F.11 in a fiscal year is less than
the total amount of moneys directed to be deposited in the vision
Iowa fund and the school infrastructure fund in the fiscal year
pursuant to this paragraph "e", the difference shall be paid from
lottery revenues in the manner provided in section 99G.39, subsection
3.
f. There is appropriated from the rebuild Iowa infrastructure
fund to the secure an advanced vision for education fund created in
section 423F.2, for each fiscal year of the fiscal period beginning
July 1, 2008, and ending June 30, 2014, the amount of the moneys in
excess of the first forty-seven million dollars credited to the
rebuild Iowa infrastructure fund during the fiscal year, not to
exceed ten million dollars.
g. Notwithstanding any other provision to the contrary, and
prior to the appropriation of moneys from the rebuild Iowa
infrastructure fund pursuant to paragraph "c", and section 8.57A,
subsection 4, moneys shall first be appropriated from the rebuild
Iowa infrastructure fund to the vertical infrastructure fund as
provided in section 8.57B, subsection 4.
h. Annually, on or before January 15 of each year, a state
agency that received an appropriation from the rebuild Iowa
infrastructure fund shall report to the legislative services agency
and the department of management the status of all projects completed
or in progress. The report shall include a description of the
project, the progress of work completed, the total estimated cost of
the project, a list of all revenue sources being used to fund the
project, the amount of funds expended, the amount of funds obligated,
and the date the project was completed or an estimated completion
date of the project, where applicable.
i. Annually, on or before December 31 of each year, a
recipient of moneys from the rebuild Iowa infrastructure fund for any
purpose shall report to the state agency to which the moneys are
appropriated the status of all projects completed or in progress.
The report shall include a description of the project, the progress
of work completed, the total estimated cost of the project, a list of
all revenue sources being used to fund the project, the amount of
funds expended, the amount of funds obligated, and the date the
project was completed or an estimated completion date of the project,
where applicable.
8.57 ANNUAL APPROPRIATIONS -- REDUCTION OF GAAP
DEFICIT -- REBUILD IOWA INFRASTRUCTURE FUND.
1. a. The "cash reserve goal percentage" for fiscal years
beginning on or after July 1, 2004, is seven and one-half percent of
the adjusted revenue estimate. For each fiscal year in which the
appropriation of the surplus existing in the general fund of the
state at the conclusion of the prior fiscal year pursuant to
paragraph "b" was not sufficient for the cash reserve fund to
reach the cash reserve goal percentage for the current fiscal year,
there is appropriated from the general fund of the state an amount to
be determined as follows:
(1) If the balance of the cash reserve fund in the current fiscal
year is not more than six and one-half percent of the adjusted
revenue estimate for the current fiscal year, the amount of the
appropriation under this lettered paragraph is one percent of the
adjusted revenue estimate for the current fiscal year.
(2) If the balance of the cash reserve fund in the current fiscal
year is more than six and one-half percent but less than seven and
one-half percent of the adjusted revenue estimate for that fiscal
year, the amount of the appropriation under this lettered paragraph
is the amount necessary for the cash reserve fund to reach seven and
one-half percent of the adjusted revenue estimate for the current
fiscal year.
(3) The moneys appropriated under this lettered paragraph shall
be credited in equal and proportionate amounts in each quarter of the
current fiscal year.
b. The surplus existing in the general fund of the state at
the conclusion of the fiscal year is appropriated for distribution in
the succeeding fiscal year as provided in subsections 3 and 4.
Moneys credited to the cash reserve fund from the appropriation made
in this paragraph shall not exceed the amount necessary for the cash
reserve fund to reach the cash reserve goal percentage for the
succeeding fiscal year. As used in this paragraph, "surplus"
means the excess of revenues and other financing sources over
expenditures and other financing uses for the general fund of the
state in a fiscal year.
c. The amount appropriated in this section is not subject to
the provisions of section 8.31, relating to requisitions and
allotment, or to section 8.32, relating to conditional availability
of appropriations.
2. a. There is appropriated from the surplus existing in the
general fund of the state at the conclusion of the fiscal year
beginning July 1, 2005, and ending June 30, 2006, and at the
conclusion of each succeeding fiscal year for distribution to the
senior living trust fund, an amount equal to one percent of the
adjusted revenue estimate for the current fiscal year. However, if
the amount of the surplus existing in the general fund of the state
at the conclusion of a fiscal year is less than two percent of the
adjusted revenue estimate for that fiscal year, the amount of the
appropriation made in this paragraph shall be equal to fifty percent
of the surplus amount. The appropriation made in this paragraph
shall be distributed to the senior living trust fund in the
succeeding fiscal year. For the purposes of this subsection,
"surplus" means the same as defined in subsection 1, paragraph
"b".
b. The appropriation made in paragraph "a" shall be made
before the appropriations are made pursuant to subsections 1, 3, and
4, of the surplus existing in the general fund of the state at the
conclusion of the fiscal year beginning July 1, 2005, and ending June
30, 2006, and each succeeding fiscal year.
c. The appropriation made in paragraph "a" shall continue
until the aggregate amount of the appropriations made, reverted, or
transferred to the senior living trust fund for all fiscal years
beginning on or after July 1, 2004, pursuant to paragraph "a" of
this subsection, section 8.55, subsection 2, paragraph "b", and
any other law providing for an appropriation or reversion or transfer
of an appropriation to the senior living trust fund is equal to three
hundred million dollars.
d. This subsection and section 8.55, subsection 2, paragraph
"b", are repealed when the aggregate amount specified in
paragraph "c" has been distributed, appropriated, reverted, or
transferred to the senior living trust fund. The director of the
department of management shall notify the Iowa Code editor when the
aggregate amount has been distributed, appropriated, reverted, or
transferred.
3. Moneys appropriated under subsection 1 shall be first credited
to the cash reserve fund. To the extent that moneys appropriated
under subsection 1 would make the moneys in the cash reserve fund
exceed the cash reserve goal percentage of the adjusted revenue
estimate for the fiscal year, the moneys are appropriated to the
department of management to be spent for the purpose of eliminating
Iowa's GAAP deficit, including the payment of items budgeted in a
subsequent fiscal year which under generally accepted accounting
principles should be budgeted in the current fiscal year. These
moneys shall be deposited into a GAAP deficit reduction account
established within the department of management. The department of
management shall annually file with both houses of the general
assembly at the time of the submission of the governor's budget, a
schedule of the items for which moneys appropriated under this
subsection for the purpose of eliminating Iowa's GAAP deficit,
including the payment of items budgeted in a subsequent fiscal year
which under generally accepted accounting principles should be
budgeted in the current fiscal year, shall be spent. The schedule
shall indicate the fiscal year in which the spending for an item is
to take place and shall incorporate the items detailed in 1994 Iowa
Acts, chapter 1181, section 17. The schedule shall list each item of
expenditure and the estimated dollar amount of moneys to be spent on
that item for the fiscal year. The department of management may
submit during a regular legislative session an amended schedule for
legislative consideration. If moneys appropriated under this
subsection are not enough to pay for all listed expenditures, the
department of management shall distribute the payments among the
listed expenditure items. Moneys appropriated to the department of
management under this subsection shall not be spent on items other
than those included in the filed schedule. On September 1 following
the close of a fiscal year, moneys in the GAAP deficit reduction
account which remain unexpended for items on the filed schedule for
the previous fiscal year shall be credited to the Iowa economic
emergency fund.
4. To the extent that moneys appropriated under subsection 1
exceed the amounts necessary for the cash reserve fund to reach its
maximum balance and the amounts necessary to eliminate Iowa's GAAP
deficit, including elimination of the making of any appropriation in
an incorrect fiscal year, the moneys shall be appropriated to the
Iowa economic emergency fund.
5. As used in this section, "GAAP" means generally accepted
accounting principles as established by the governmental accounting
standards board.
6. a. A rebuild Iowa infrastructure fund is created under the
authority of the department of management. The fund shall consist of
appropriations made to the fund and transfers of interest, earnings,
and moneys from other funds as provided by law. The fund shall be
separate from the general fund of the state and the balance in the
fund shall not be considered part of the balance of the general fund
of the state. However, the fund shall be considered a special
account for the purposes of section 8.53, relating to generally
accepted accounting principles.
b. Moneys in the infrastructure fund are not subject to
section 8.33. Notwithstanding section 12C.7, subsection 2, interest
or earnings on moneys in the infrastructure fund shall be credited to
the infrastructure fund. Moneys in the infrastructure fund may be
used for cash flow purposes during a fiscal year provided that any
moneys so allocated are returned to the infrastructure fund by the
end of that fiscal year.
c. Moneys in the fund in a fiscal year shall be used as
directed by the general assembly for public vertical infrastructure
projects. For the purposes of this subsection, "vertical
infrastructure" includes only land acquisition and construction,
major renovation and major repair of buildings, all appurtenant
structures, utilities, site development, and recreational trails.
"Vertical infrastructure" does not include routine, recurring
maintenance or operational expenses or leasing of a building,
appurtenant structure, or utility without a lease-purchase agreement.
d. The general assembly may provide that all or part of the
moneys deposited in the GAAP deficit reduction account created in
this section shall be transferred to the infrastructure fund in lieu
of appropriation of the moneys to the Iowa economic emergency fund.
e. (1) (a) (i) Notwithstanding provisions to the contrary in
sections 99D.17 and 99F.11, for the fiscal year beginning July 1,
2000, and for each fiscal year thereafter, not more than a total of
sixty-six million dollars shall be deposited in the general fund of
the state in any fiscal year pursuant to sections 99D.17 and 99F.11.
(ii) However, in lieu of the deposit in subparagraph subdivision
(i), for the fiscal year beginning July 1, 2010, and for each fiscal
year thereafter until the principal and interest on all bonds issued
by the treasurer of state pursuant to section 12.87 are paid, as
determined by the treasurer of state, the first fifty-five million
dollars of the moneys directed to be deposited in the general fund of
the state under subparagraph subdivision (i) shall be deposited in
the revenue bonds debt service fund created in section 12.89, and the
next five million dollars of the moneys directed to be deposited in
the general fund of the state under subparagraph subdivision (i)
shall be deposited in the general fund of the state.
(b) The next fifteen million dollars of the moneys directed to be
deposited in the general fund of the state in a fiscal year pursuant
to sections 99D.17 and 99F.11 shall be deposited in the vision Iowa
fund created in section 12.72 for the fiscal year beginning July 1,
2000, and for each fiscal year through the fiscal year beginning July
1, 2019.
(c) The next five million dollars of the moneys directed to be
deposited in the general fund of the state in a fiscal year pursuant
to sections 99D.17 and 99F.11 shall be deposited in the school
infrastructure fund created in section 12.82 for the fiscal year
beginning July 1, 2000, and for each fiscal year thereafter until the
principal and interest on all bonds issued by the treasurer of state
pursuant to section 12.81 are paid, as determined by the treasurer of
state.
(d) (i) The total moneys in excess of the moneys deposited in the
revenue bonds debt service fund, the vision Iowa fund, the school
infrastructure fund, and the general fund of the state in a fiscal
year shall be deposited in the rebuild Iowa infrastructure fund and
shall be used as provided in this section, notwithstanding section
8.60.
(ii) However, in lieu of the deposit in subparagraph subdivision
(i), for the fiscal year beginning July 1, 2010, and for each fiscal
year thereafter until the principal and interest on all bonds issued
by the treasurer of state pursuant to section 12.87 are paid, as
determined by the treasurer of state, fifty-five million dollars of
the excess moneys directed to be deposited in the rebuild Iowa
infrastructure fund under subparagraph subdivision (i) shall be
deposited in the general fund of the state.
(2) If the total amount of moneys directed to be deposited in the
general fund of the state under sections 99D.17 and 99F.11 in a
fiscal year is less than the total amount of moneys directed to be
deposited in the revenue bonds debt service fund in the fiscal year
pursuant to this paragraph "e", the difference shall be paid from
moneys deposited in the beer and liquor control fund created in
section 123.53 in the manner provided in section 123.53, subsection
3.
(3) After the deposit of moneys directed to be deposited in the
general fund of the state and the revenue bonds debt service fund as
provided in subparagraph (1), subparagraph division (a), if the total
amount of moneys directed to be deposited in the general fund of the
state under sections 99D.17 and 99F.11 in a fiscal year is less than
the total amount of moneys directed to be deposited in the vision
Iowa fund and the school infrastructure fund in the fiscal year
pursuant to this paragraph "e", the difference shall be paid from
lottery revenues in the manner provided in section 99G.39, subsection
3.
f. There is appropriated from the rebuild Iowa infrastructure
fund to the secure an advanced vision for education fund created in
section 423F.2, for each fiscal year of the fiscal period beginning
July 1, 2008, and ending June 30, 2014, the amount of the moneys in
excess of the first forty-seven million dollars credited to the
rebuild Iowa infrastructure fund during the fiscal year, not to
exceed ten million dollars.
g. Notwithstanding any other provision to the contrary, and
prior to the appropriation of moneys from the rebuild Iowa
infrastructure fund pursuant to paragraph "c", and section 8.57A,
subsection 4, moneys shall first be appropriated from the rebuild
Iowa infrastructure fund to the vertical infrastructure fund as
provided in section 8.57B, subsection 4.
h. Annually, on or before January 15 of each year, a state
agency that received an appropriation from the rebuild Iowa
infrastructure fund shall report to the legislative services agency
and the department of management the status of all projects completed
or in progress. The report shall include a description of the
project, the progress of work completed, the total estimated cost of
the project, a list of all revenue sources being used to fund the
project, the amount of funds expended, the amount of funds obligated,
and the date the project was completed or an estimated completion
date of the project, where applicable.
i. Annually, on or before December 31 of each year, a
recipient of moneys from the rebuild Iowa infrastructure fund for any
purpose shall report to the state agency to which the moneys are
appropriated the status of all projects completed or in progress.
The report shall include a description of the project, the progress
of work completed, the total estimated cost of the project, a list of
all revenue sources being used to fund the project, the amount of
funds expended, the amount of funds obligated, and the date the
project was completed or an estimated completion date of the project,
where applicable.
8.57 ANNUAL APPROPRIATIONS -- REDUCTION OF GAAP
DEFICIT -- REBUILD IOWA INFRASTRUCTURE FUND.
1. a. The "cash reserve goal percentage" for fiscal years
beginning on or after July 1, 2004, is seven and one-half percent of
the adjusted revenue estimate. For each fiscal year in which the
appropriation of the surplus existing in the general fund of the
state at the conclusion of the prior fiscal year pursuant to
paragraph "b" was not sufficient for the cash reserve fund to
reach the cash reserve goal percentage for the current fiscal year,
there is appropriated from the general fund of the state an amount to
be determined as follows:
(1) If the balance of the cash reserve fund in the current fiscal
year is not more than six and one-half percent of the adjusted
revenue estimate for the current fiscal year, the amount of the
appropriation under this lettered paragraph is one percent of the
adjusted revenue estimate for the current fiscal year.
(2) If the balance of the cash reserve fund in the current fiscal
year is more than six and one-half percent but less than seven and
one-half percent of the adjusted revenue estimate for that fiscal
year, the amount of the appropriation under this lettered paragraph
is the amount necessary for the cash reserve fund to reach seven and
one-half percent of the adjusted revenue estimate for the current
fiscal year.
(3) The moneys appropriated under this lettered paragraph shall
be credited in equal and proportionate amounts in each quarter of the
current fiscal year.
b. The surplus existing in the general fund of the state at
the conclusion of the fiscal year is appropriated for distribution in
the succeeding fiscal year as provided in subsections 3 and 4.
Moneys credited to the cash reserve fund from the appropriation made
in this paragraph shall not exceed the amount necessary for the cash
reserve fund to reach the cash reserve goal percentage for the
succeeding fiscal year. As used in this paragraph, "surplus"
means the excess of revenues and other financing sources over
expenditures and other financing uses for the general fund of the
state in a fiscal year.
c. The amount appropriated in this section is not subject to
the provisions of section 8.31, relating to requisitions and
allotment, or to section 8.32, relating to conditional availability
of appropriations.
2. a. There is appropriated from the surplus existing in the
general fund of the state at the conclusion of the fiscal year
beginning July 1, 2005, and ending June 30, 2006, and at the
conclusion of each succeeding fiscal year for distribution to the
senior living trust fund, an amount equal to one percent of the
adjusted revenue estimate for the current fiscal year. However, if
the amount of the surplus existing in the general fund of the state
at the conclusion of a fiscal year is less than two percent of the
adjusted revenue estimate for that fiscal year, the amount of the
appropriation made in this paragraph shall be equal to fifty percent
of the surplus amount. The appropriation made in this paragraph
shall be distributed to the senior living trust fund in the
succeeding fiscal year. For the purposes of this subsection,
"surplus" means the same as defined in subsection 1, paragraph
"b".
b. The appropriation made in paragraph "a" shall be made
before the appropriations are made pursuant to subsections 1, 3, and
4, of the surplus existing in the general fund of the state at the
conclusion of the fiscal year beginning July 1, 2005, and ending June
30, 2006, and each succeeding fiscal year.
c. The appropriation made in paragraph "a" shall continue
until the aggregate amount of the appropriations made, reverted, or
transferred to the senior living trust fund for all fiscal years
beginning on or after July 1, 2004, pursuant to paragraph "a" of
this subsection, section 8.55, subsection 2, paragraph "b", and
any other law providing for an appropriation or reversion or transfer
of an appropriation to the senior living trust fund is equal to three
hundred million dollars.
d. This subsection and section 8.55, subsection 2, paragraph
"b", are repealed when the aggregate amount specified in
paragraph "c" has been distributed, appropriated, reverted, or
transferred to the senior living trust fund. The director of the
department of management shall notify the Iowa Code editor when the
aggregate amount has been distributed, appropriated, reverted, or
transferred.
3. Moneys appropriated under subsection 1 shall be first credited
to the cash reserve fund. To the extent that moneys appropriated
under subsection 1 would make the moneys in the cash reserve fund
exceed the cash reserve goal percentage of the adjusted revenue
estimate for the fiscal year, the moneys are appropriated to the
department of management to be spent for the purpose of eliminating
Iowa's GAAP deficit, including the payment of items budgeted in a
subsequent fiscal year which under generally accepted accounting
principles should be budgeted in the current fiscal year. These
moneys shall be deposited into a GAAP deficit reduction account
established within the department of management. The department of
management shall annually file with both houses of the general
assembly at the time of the submission of the governor's budget, a
schedule of the items for which moneys appropriated under this
subsection for the purpose of eliminating Iowa's GAAP deficit,
including the payment of items budgeted in a subsequent fiscal year
which under generally accepted accounting principles should be
budgeted in the current fiscal year, shall be spent. The schedule
shall indicate the fiscal year in which the spending for an item is
to take place and shall incorporate the items detailed in 1994 Iowa
Acts, chapter 1181, section 17. The schedule shall list each item of
expenditure and the estimated dollar amount of moneys to be spent on
that item for the fiscal year. The department of management may
submit during a regular legislative session an amended schedule for
legislative consideration. If moneys appropriated under this
subsection are not enough to pay for all listed expenditures, the
department of management shall distribute the payments among the
listed expenditure items. Moneys appropriated to the department of
management under this subsection shall not be spent on items other
than those included in the filed schedule. On September 1 following
the close of a fiscal year, moneys in the GAAP deficit reduction
account which remain unexpended for items on the filed schedule for
the previous fiscal year shall be credited to the Iowa economic
emergency fund.
4. To the extent that moneys appropriated under subsection 1
exceed the amounts necessary for the cash reserve fund to reach its
maximum balance and the amounts necessary to eliminate Iowa's GAAP
deficit, including elimination of the making of any appropriation in
an incorrect fiscal year, the moneys shall be appropriated to the
Iowa economic emergency fund.
5. As used in this section, "GAAP" means generally accepted
accounting principles as established by the governmental accounting
standards board.
6. a. A rebuild Iowa infrastructure fund is created under the
authority of the department of management. The fund shall consist of
appropriations made to the fund and transfers of interest, earnings,
and moneys from other funds as provided by law. The fund shall be
separate from the general fund of the state and the balance in the
fund shall not be considered part of the balance of the general fund
of the state. However, the fund shall be considered a special
account for the purposes of section 8.53, relating to generally
accepted accounting principles.
b. Moneys in the infrastructure fund are not subject to
section 8.33. Notwithstanding section 12C.7, subsection 2, interest
or earnings on moneys in the infrastructure fund shall be credited to
the infrastructure fund. Moneys in the infrastructure fund may be
used for cash flow purposes during a fiscal year provided that any
moneys so allocated are returned to the infrastructure fund by the
end of that fiscal year.
c. Moneys in the fund in a fiscal year shall be used as
directed by the general assembly for public vertical infrastructure
projects. For the purposes of this subsection, "vertical
infrastructure" includes only land acquisition and construction,
major renovation and major repair of buildings, all appurtenant
structures, utilities, site development, and recreational trails.
"Vertical infrastructure" does not include routine, recurring
maintenance or operational expenses or leasing of a building,
appurtenant structure, or utility without a lease-purchase agreement.
d. The general assembly may provide that all or part of the
moneys deposited in the GAAP deficit reduction account created in
this section shall be transferred to the infrastructure fund in lieu
of appropriation of the moneys to the Iowa economic emergency fund.
e. (1) (a) (i) Notwithstanding provisions to the contrary in
sections 99D.17 and 99F.11, for the fiscal year beginning July 1,
2000, and for each fiscal year thereafter, not more than a total of
sixty-six million dollars shall be deposited in the general fund of
the state in any fiscal year pursuant to sections 99D.17 and 99F.11.
(ii) However, in lieu of the deposit in subparagraph subdivision
(i), for the fiscal year beginning July 1, 2010, and for each fiscal
year thereafter until the principal and interest on all bonds issued
by the treasurer of state pursuant to section 12.87 are paid, as
determined by the treasurer of state, the first fifty-five million
dollars of the moneys directed to be deposited in the general fund of
the state under subparagraph subdivision (i) shall be deposited in
the revenue bonds debt service fund created in section 12.89, and the
next five million dollars of the moneys directed to be deposited in
the general fund of the state under subparagraph subdivision (i)
shall be deposited in the general fund of the state.
(b) The next fifteen million dollars of the moneys directed to be
deposited in the general fund of the state in a fiscal year pursuant
to sections 99D.17 and 99F.11 shall be deposited in the vision Iowa
fund created in section 12.72 for the fiscal year beginning July 1,
2000, and for each fiscal year through the fiscal year beginning July
1, 2019.
(c) The next five million dollars of the moneys directed to be
deposited in the general fund of the state in a fiscal year pursuant
to sections 99D.17 and 99F.11 shall be deposited in the school
infrastructure fund created in section 12.82 for the fiscal year
beginning July 1, 2000, and for each fiscal year thereafter until the
principal and interest on all bonds issued by the treasurer of state
pursuant to section 12.81 are paid, as determined by the treasurer of
state.
(d) (i) The total moneys in excess of the moneys deposited in the
revenue bonds debt service fund, the vision Iowa fund, the school
infrastructure fund, and the general fund of the state in a fiscal
year shall be deposited in the rebuild Iowa infrastructure fund and
shall be used as provided in this section, notwithstanding section
8.60.
(ii) However, in lieu of the deposit in subparagraph subdivision
(i), for the fiscal year beginning July 1, 2010, and for each fiscal
year thereafter until the principal and interest on all bonds issued
by the treasurer of state pursuant to section 12.87 are paid, as
determined by the treasurer of state, fifty-five million dollars of
the excess moneys directed to be deposited in the rebuild Iowa
infrastructure fund under subparagraph subdivision (i) shall be
deposited in the general fund of the state.
(2) If the total amount of moneys directed to be deposited in the
general fund of the state under sections 99D.17 and 99F.11 in a
fiscal year is less than the total amount of moneys directed to be
deposited in the revenue bonds debt service fund in the fiscal year
pursuant to this paragraph "e", the difference shall be paid from
moneys deposited in the beer and liquor control fund created in
section 123.53 in the manner provided in section 123.53, subsection
3.
(3) After the deposit of moneys directed to be deposited in the
general fund of the state and the revenue bonds debt service fund as
provided in subparagraph (1), subparagraph division (a), if the total
amount of moneys directed to be deposited in the general fund of the
state under sections 99D.17 and 99F.11 in a fiscal year is less than
the total amount of moneys directed to be deposited in the vision
Iowa fund and the school infrastructure fund in the fiscal year
pursuant to this paragraph "e", the difference shall be paid from
lottery revenues in the manner provided in section 99G.39, subsection
3.
f. There is appropriated from the rebuild Iowa infrastructure
fund to the secure an advanced vision for education fund created in
section 423F.2, for each fiscal year of the fiscal period beginning
July 1, 2008, and ending June 30, 2014, the amount of the moneys in
excess of the first forty-seven million dollars credited to the
rebuild Iowa infrastructure fund during the fiscal year, not to
exceed ten million dollars.
g. Notwithstanding any other provision to the contrary, and
prior to the appropriation of moneys from the rebuild Iowa
infrastructure fund pursuant to paragraph "c", and section 8.57A,
subsection 4, moneys shall first be appropriated from the rebuild
Iowa infrastructure fund to the vertical infrastructure fund as
provided in section 8.57B, subsection 4.
h. Annually, on or before January 15 of each year, a state
agency that received an appropriation from the rebuild Iowa
infrastructure fund shall report to the legislative services agency
and the department of management the status of all projects completed
or in progress. The report shall include a description of the
project, the progress of work completed, the total estimated cost of
the project, a list of all revenue sources being used to fund the
project, the amount of funds expended, the amount of funds obligated,
and the date the project was completed or an estimated completion
date of the project, where applicable.
i. Annually, on or before December 31 of each year, a
recipient of moneys from the rebuild Iowa infrastructure fund for any
purpose shall report to the state agency to which the moneys are
appropriated the status of all projects completed or in progress.
The report shall include a description of the project, the progress
of work completed, the total estimated cost of the project, a list of
all revenue sources being used to fund the project, the amount of
funds expended, the amount of funds obligated, and the date the
project was completed or an estimated completion date of the project,
where applicable.
