Introducer's Statement of Intent

LB 989

Revenue Committee

CHAIRPERSON

William R. Wickersham

The following constitutes the reasons for this bill and the purposes which are sought to be accomplished thereby:

The purpose of LB 989 is to change budget limitation provisions for political subdivisions and school districts. Specifically, this bill allows a governmental unit 1) to increase its budget no more than four percent 2) to create a qualified sinking fund only upon the affirmative vote of at least seventy-five percent of the governing body. Definitions are provided for allowable growth, unused restricted funds authority, unused budget authority and qualified sinking fund.

DATE OF HEARING January 22, 1998

Senator George Coordsen

Principal Introducer