House Bill No. [insert number] seeks to amend various sections of Louisiana law related to state finances, particularly focusing on the management of treasury funds. The bill establishes the Oilfield Site Restoration Fund and the Oil Spill Contingency Fund as special funds within the state treasury, introducing new investment and reporting requirements to ensure that unexpended and unencumbered funds remain intact at the end of each fiscal year. It also revises the Budget Stabilization Fund, increasing the deposit cap from four to seven and one-half percent of total state revenue receipts, and creates the Millennium Trust, which will now include provisions for allocating funds from the Master Settlement Agreement. Additionally, the bill modifies the funding structure for the TOPS Fund, mandating that 100% of Settlement Agreement proceeds and half of all investment income be credited to it, while allowing for a broader range of investment options.

The bill further proposes significant deletions and amendments to existing laws, including the repeal of certain provisions related to the Education Excellence Fund and the Revenue Stabilization Trust Fund, which is restructured. It mandates that the state treasurer submit annual reports on investment activities and establishes new investment guidelines for the Louisiana Unclaimed Property Permanent Trust Fund. The bill also introduces provisions for the Louisiana Wildlife and Fisheries Conservation Fund, allowing for specific revenue allocations and the creation of special accounts. Overall, the legislation aims to enhance financial transparency, accountability, and the effective allocation of state funds while ensuring compliance with constitutional mandates.

Statutes affected:
HB15 Original: 30:86(A)(1), 39:94(A), 39:3(A), 39:4(A), 39:161(B)(3), 49:4(B), 56:10(A), 56:8(C), 30:86(C), 39:3(E), 56:10(B)(1)