A bill Lake believes will do that was approved Friday by the House Revenue and Taxation Committee, though it does need some language amendments.
The legislation would mandate all state year-end surplus money to be swept into reserve accounts instead of carrying over into the next fiscal year. Lake said his legislation would “get us to start looking at revenues this year and expenditures this year and making them line up.”
The bill could have a huge impact on how the state handles its fiscal affairs. The legislation wouldn’t affect the 2012 or 2013 budgets, but would change the spending process starting in fiscal year 2014.