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Amendment helps ensure fiscal responsibility
March 23, 2007 -- Atlanta, GA -- State Sen. Tim Golden (D-Valdosta) Through bipartisan cooperation the Senate approved Senate Resolution 20 this week. SR 20 would prohibit the General Assembly from increasing the annual state budget by a percentage that is more than the state’s population growth, plus inflation.
The proposed constitutional amendment, failed to receive the necessary two-thirds approval when it first came before the Senate on February 14.
On Tuesday, I offered an amendment to SR 20 to address what I believed were deficiencies in the legislation that fell short of fiscal responsibility for Georgia in the long term. My amendment provides that once the spending cap is reached, any excess funds would be disbursed in the following order:
- Full funding of K-12 public education
- Restore the state’s reserve fund to 10 percent of the previous year’s revenue (doubling the 5 percent provision in the original bill)
- Pay off state debt
- Return excess to taxpayers
My amendment also provides that any budget from a previous year can be used as a baseline, and the limits can be suspended upon exhaustion of the reserve funds and a two-thirds vote by both the House and Senate.
This bipartisan approach is always the best path not only to successful legislation but to sound public policy.
The Senate also approved legislation that would promote medical research involving stem cells derived from blood and birth tissues, but not from embryos. I co-authored a substitute bill at the request of the biomedical partnership representing 200 companies to strengthen the legislation’s language, but it was unsuccessful.
Because of its other provisions, I voted for the bill as a significant first step to establishing this life-saving research in Georgia, although hopefully in future sessions we can strengthen the program and take full advantage of biomedical capabilities here in Georgia. SB 148 now goes to the House for consideration.
SB 111, which I co-sponsored, would provide that revenue collected by Georgia’s public colleges and universities from tuition, departmental sales or services, continuing education fees, technology fees, or indirect cost recoveries shall not lapse. This legislation, which was supported by University System institutions including Valdosta State University, was approved by the Senate and now goes to the House for its consideration.
The Senate passed another higher education proposal I co-sponsored, SB 169, which would provide eligible Georgia students a state-funded education loan at 1 percent interest through the Georgia Student Finance Authority.
Also approved was SB 80, which would allow the state retirement system to engage in certain “alternative investments.” I voted against this bill, which passed by a narrow 29-23 margin, because of my concern over the risks involved with some of these investments. Hopefully the House of Representatives will give this proposal plenty of scrutiny and at least amend the bill with stronger safeguards for our state retirees’ money.
Tuesday, March 27, will be the 30th day of the 2007 legislative session, marking “cross-over” day, the final day of the session that bills can cross from the Senate to the House or vice versa and be considered by the other chamber before the end of the session.
- State Sen. Tim Golden represents the 8th District (Brooks, Cook, Lowndes and Thomas Counties). During the legislative session, he can be reached at 121-A State Capitol, Atlanta, Ga. 30334; by phone at 404-656-7580; or by e-mail at tim.golden@senate.ga.gov.
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