§ 4-10-21-3 — State spending growth quotient; calculation by budget agency

Indiana § 4-10-21-3

• Jurisdiction: Indiana
• Art. 10: STATE FUNDS GENERALLY
• Ch. 21: Business Cycle State Spending Controls

Text

The budget agency shall compute a new state
spending growth quotient under this section before December 31 in
2004 and each even-numbered year thereafter. The state spending
growth quotient determined under this section applies to each of the
state fiscal years in the immediately following biennial budget period.
The state spending growth quotient to be used in the biennial budget
period is the amount determined under STEP FOUR of the following
formula:
STEP ONE: For each of the six (6) calendar years immediately
preceding the beginning of the first state fiscal year in a biennial
budget period, divide the Indiana nonfarm personal income for
the calendar year by the Indiana nonfarm personal income for the
calendar year immediately preceding that calendar year.
STEP TWO: Determine the sum of the STEP ONE results.
STEP THREE: Divide the STEP TWO result by six (6).
STEP FOUR: Determine the lesser of the following:
(A) The STEP THREE quotient.
(B) One and six-hundredths (1.06).

Legislative History

As added by P.L.192-2002(ss), SEC.4.