House Bill No. by Representative Emerson seeks to amend various sections of Louisiana's Revised Statutes concerning state finances, particularly focusing on treasury funds. The bill establishes the Oilfield Site Restoration Fund and the Oil Spill Contingency Fund as special funds within the state treasury, mandating the state treasurer to invest unexpended and unencumbered monies in these funds and requiring quarterly reporting on their status. It also modifies the Budget Stabilization Fund by increasing the appropriation cap from four percent to seven and one-half percent of total state revenue receipts from the previous fiscal year, while ensuring that all unexpended and unencumbered funds at the end of the fiscal year remain in the fund. Additionally, the bill repeals outdated provisions related to the Millennium Trust and other funds, streamlining the management of state treasury funds.

The legislation further clarifies the allocation and management of mineral revenues, specifying that unencumbered and unexpended funds must remain in their respective funds at the end of the fiscal year. It introduces new provisions for the Coastal Protection and Restoration Fund, allowing for the use of funds received for violations related to the Deepwater Horizon oil spill and establishing construction or project funds within it. The bill also modifies the Revenue Stabilization Fund, allowing access only when corporate income tax revenues fall below $800 million, and mandates a $25 million annual deposit from mineral revenues into the Coastal Protection and Restoration Fund, adjusted for inflation. Overall, the bill aims to enhance financial management and accountability for environmental protection and restoration initiatives in Louisiana.

Statutes affected:
HB599 Original: 30:86(A)(1), 30:2483(B), 39:94(A), 39:4(A), 39:116(A)(1), 49:4(B), 51:8(C), 39:3(E), 39:116(A)(11), 49:4(K)