(1) (a) Notwithstanding any provision of law to the contrary, for each fiscal year commencing on or after July 1, 2005, but before July 1, 2010, the state shall be authorized to retain and spend all state revenues in excess of the limitation on state fiscal year spending. (b) Notwithstanding any provision of law to the contrary, for each fiscal year commencing on or after July 1, 2010, the state shall be authorized to retain and spend all state revenues that are in excess of the limitation on state fiscal year spending, but less than the excess state revenues cap for the given fiscal year. (2) There is hereby created in the general fund the general fund exempt account, which consists of an amount of money equal to the amount of state revenues in excess of the limitation on state fiscal year spending that the state retains for a given fiscal year pursuant to this section, except as otherwise provided in subsection (2.5) of this section. The general assembly shall appropriate or transfer the money in the account for the following purposes: (a) To fund health care; (b) To fund education, including any capital construction projects related thereto; (c) To fund retirement plans for firefighters and police officers, so long as the general assembly determines that such funding is necessary; and (d) To pay for strategic transportation projects included in the department of transportation's strategic transportation project investment program. (2.5) (a) If the amount of money that, based on revenue estimates, was appropriated or transferred from the account for a state fiscal year commencing on or after July 1, 2020, is less than the amount of approved excess state revenues, then: (I) An amount of money in the general fund equal to the unaccounted amount constitutes a portion of the approved excess state revenues for the state fiscal year; and (II) An amount equal to one-half of the unaccounted amount for the general fund appropriations for both of the following line items are appropriations of the state's approved excess state revenues for the state fiscal year: (A) The line item for medical and long-term care services for medicaid eligible individuals, or a successor line item, which is an authorized use specified in section 24-77-104.5 (2)(a)(I)(I); and (B) The state share of districts' total program funding, or a successor line item, which is an authorized use specified in section 24-77-104.5 (3)(a)(I). (b) If the amount of money that, based on estimates, was appropriated or transferred from the account for a state fiscal year commencing on or after July 1, 2020, is greater than the amount of approved excess state revenues, then an amount of money in the account equal to the overage is not approved excess state revenues for the state fiscal year. The amount of each appropriation or transfer from the account for the fiscal year that constitutes approved excess state revenues is equal to the amount of the appropriation or transfer, reduced in proportion to the overage. (c) As used in this subsection (2.5), unless the context otherwise requires: (I) "Account" means the general fund exempt account created in subsection (2) of this section. (II) "Approved excess state revenues" means the state revenues that the state is authorized to retain and spend for a state fiscal year in accordance with the voters' approval of this section at the November 2005 statewide election, as reported by the state controller in the annual financial report required by section 24-77-106.5 (1)(b), or, if the amount changes in the final accounting for the state fiscal year, in the comprehensive annual financial report of the state for the state fiscal year. (III) "Overage" means the amount by which the amount of money appropriated or transferred from the account for a state fiscal year exceeds the approved excess state revenues for the state fiscal year. (IV) "Unaccounted amount" means the amount by which the approved excess state revenues for a state fiscal year exceed the amount of money appropriated or transferred from the account for the state fiscal year. (3) The statutory limitation on general fund appropriations set forth in section 24-75- 201.1 (1)(a), and the exceptions or exclusions thereto, shall apply to the moneys in the general fund exempt account. (4) The approval of this section by the registered electors of the state voting on the issue at the November 2005 statewide election constitutes a voter-approved revenue change to allow the retention and expenditure of state revenues in excess of the limitation on state fiscal year spending. (5) (a) For each fiscal year that the state retains and spends state revenues in excess of the limitation on state fiscal year spending pursuant to this section, the director of research of the legislative council shall prepare an excess state revenues legislative report that includes the following information: (I) The amount of excess state revenues that the state retained; and (II) A description of how the excess state revenues were expended. (b) The report required by this subsection (5) shall be completed by October 15 following a fiscal year that the state retains and spends revenues in excess of the limitation on state fiscal year spending pursuant to this section and may be amended thereafter as necessary. The director of research shall publish and link to the official website of the general assembly a copy of the report. (6) As used in this section: (a) "Education" means: (I) Public elementary and high school education; and (II) Higher education. (b) (I) "Excess state revenues cap" for a given fiscal year means: (A) (Deleted by amendment, L. 2017.) (B) For each fiscal year up to and including the 2016-17 fiscal year, an amount that is equal to the highest total state revenues for a fiscal year from the period of the 2005-06 fiscal year through the 2009-10 fiscal year, adjusted each subsequent fiscal year for inflation, the percentage change in state population, the qualification or disqualification of enterprises, and debt service changes; (C) For the 2017-18 fiscal year, an amount that is equal to the excess state revenues cap for the 2016-17 fiscal year calculated pursuant to subsection (6)(b)(I)(B) of this section, adjusted for inflation, the percentage change in state population, the qualification or disqualification of enterprises, and debt service changes, less two hundred million dollars; (D) For the 2018-19 fiscal year, the amount of the excess state revenues cap for the 2017-18 fiscal year calculated pursuant to subsection (6)(b)(I)(C) of this section, adjusted for inflation, the percentage change in state population, the qualification or disqualification of enterprises, and debt service changes; (E) For the 2019-20 fiscal year, the amount of the excess state revenues cap for the 2018-19 fiscal year calculated pursuant to subsection (6)(b)(I)(D) of this section, adjusted for inflation, the percentage change in state population, the qualification or disqualification of enterprises, and debt service changes; (F) For the 2020-21 fiscal year, an amount that is equal to the excess state revenues cap for the 2019-20 fiscal year calculated pursuant to subsection (6)(b)(I)(E) of this section, adjusted for inflation, the percentage change in state population, the qualification or disqualification of enterprises, and debt service changes, plus two hundred twenty-four million nine hundred fifty- seven thousand six hundred two dollars; and (G) For the 2021-22 fiscal year and each succeeding fiscal year, the amount of the excess state revenues cap for the 2020-21 fiscal year calculated pursuant to subsection (6)(b)(I)(F) of this section, adjusted each subsequent fiscal year for inflation, the percentage change in state population, the qualification or disqualification of enterprises, and debt service changes. (II) As used in this paragraph (b), inflation and the percentage change in state population shall be the same rates that are used in calculating the maximum annual percentage change in state fiscal year spending pursuant to section 24-77-103, and the qualification or disqualification of an enterprise or debt service changes shall change the excess state revenues cap in the same manner as such change affects the limitation on state fiscal year spending. (c) "State revenues" means state revenues not excluded from state fiscal year spending, as defined in section 24-77-102 (17).
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