Final budget motion: Any surplus at year-end beyond $20M goes to budget stabilization fund

The final action considered by the Joint Finance-Appropriations Committee this afternoon is a new bill to transfer any unanticipated surplus in the state budget in excess of $20 million at the end of fiscal year 2013 into the budget stabilization fund, the state’s main savings account. The fund would otherwise have a balance of $49.7 million on that date, June 30, 2013. It was approved on a unanimous vote.

There was little discussion on the bill, which was requested by Gov. Butch Otter. “We didn’t see anything wrong with doing it,” said Senate Finance Chairman Dean Cameron, R-Rupert. “We think it’s optimistic.”