Amends and repeals existing law to increase the percentage of General Fund receipts that may be in the Budget Stabilization Fund and to remove the authorization of the Economic Recovery Reserve Fund; transfers the remaining balance from the Economic Recovery Reserve Fund to the Budget Stabilization Fund; and transfers $20,000,000 from the General Fund to the Budget Stabilization Fund.

This bill raises the cap for the Budget Stabilization Fund from 10% of previous year's General Fund Revenues to 15%, and provides for two transfers. Idaho Code currently provides a method to transfer money from the General Fund to the Budget Stabilization Fundinanorderlyfashiontoprotectstateprogramsduringsuddeneconomicdownturns. Thelawprovidesfora transferifrevenuesexceed4%growthoverthepreviousfiscalyear. Thetransfercanbeupto1%oftheGeneral Fund revenues of the fiscal year just ended and the Budget Stabilization Fund balance cannot exceed 10% of the General Fund revenues for the fiscal year just ended. In FY 2019, the balance in the Budget Stabilization Fund exceeded the cap and as a result, almost $40 million was transferred back to the General Fund. The current balance in the fund is just over $373 million, which is the 10% cap. For additional transfers to be made, the cap on the Budget Stabilization Fund needs to be raised or set aside the law annually. This bill transfers $20,000,000 from the General Fund to Budget Stabilization Fund. Additionally, it transfers the unencumbered balance currently in the Economic Recovery Reserve Fund, and closes that account by repealing the statute.