House Bill No. by Representative Emerson seeks to amend various sections of Louisiana law related to state finances, particularly focusing on the management of treasury funds and state revenues. The bill establishes the Oilfield Site Restoration Fund and the Oil Spill Contingency Fund as special funds within the state treasury, detailing their revenue sources and ensuring that unexpended funds remain in these accounts at the end of the fiscal year. It also modifies the Budget Stabilization Fund by increasing the deposit cap from four to seven and one-half percent of total state revenue receipts. Additionally, the bill creates the Millennium Trust, which will receive revenues from the Master Settlement Agreement and allocates these funds to sub-funds like the Health Excellence Fund and the TOPS Fund, while repealing several existing provisions to streamline financial management.

Moreover, the bill introduces significant changes to the TOPS Fund, including how funds are credited and the investment strategies for the Millennium Trust, allowing for a higher percentage of investments in stocks. It also revises the funding process for independent public schools, ensuring equitable funding based on the average statewide per pupil amount. The bill enhances investment guidelines for the Louisiana Unclaimed Property Permanent Trust Fund and establishes a special Revenue Stabilization Fund for specific purposes. It mandates annual reporting by the state treasurer on various funds and repeals certain existing statutes, aiming to improve financial accountability and streamline the management of state resources.

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)