HB2973

THE CONTEXT: The Arizona Legislature adopts a budget for each fiscal year (FY) that contains general appropriations. Article IV, Section 20, Part 2 of the Constitution of Arizona requires the General Appropriations Act (feed bill) to contain only appropriations for the different state departments, state institutions, public schools and interest on public debt.

WHAT THE BILL DID: The final vetoed version would specifies the Legislature is not required to appropriate or transfer monies from the Budget Stabilization Fund for FY 2026, FY 2027 and FY and state the Budget Stabilization Fund is not limited to 10% of state General Fund revenue in FY 2026 and prohibits the State Treasurer from transferring any surplus monies from the fund to the state General Fund.

WHY IT MATTERED: The practical reason for this bill was to put public resources toward the named state purpose through an accountable appropriation. It would specifies the Legislature is not required to appropriate or transfer monies from the Budget Stabilization Fund for FY 2026, FY 2027 and FY, and would also state the Budget Stabilization Fund is not limited to 10% of state General Fund revenue in FY 2026 and prohibits the State Treasurer from transferring any surplus monies from the fund to the state General Fund, rather than leave the current rule unchanged.