House Bill No. by Representative Emerson seeks to amend and reenact various sections of Louisiana's financial laws, particularly focusing on the management and allocation of state treasury funds. The bill establishes the Oilfield Site Restoration Fund and the Oil Spill Contingency Fund as special funds within the state treasury, ensuring that all unexpended and unencumbered monies in these funds at the end of the fiscal year remain and are invested similarly to the state general fund. It also requires the state treasurer to submit quarterly reports on fund balances and outlines the specific purposes for which the contingency fund can be utilized, primarily for oil spill abatement and containment.

In addition to these provisions, the bill includes several amendments to existing laws, such as changing the designation of the Budget Stabilization Fund and increasing its cap to 7.5% of total state revenue receipts from the previous fiscal year. It modifies the Millennium Trust provisions, clarifies the management of mineral revenues, and establishes a framework for the Coastal Protection and Restoration Fund, which will support various coastal projects. The bill also mandates that any expenditure proposals from the governor must be itemized and reviewed by the attorney general, ensuring a structured approach to managing Louisiana's financial resources. Furthermore, it introduces a minimum annual deposit requirement for the Coastal Protection and Restoration Fund and expands the allowable uses of the Artificial Reef Development Fund, while repealing certain outdated provisions and transferring balances to the state general fund.

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)