Adds to existing law to establish a source of transportation funding and to create the Economic Reserve and Investment Fund for the purpose of providing moneys for the Strategic Initiatives Program, General Fund revenue shortfalls, and expenses incurred as a result of a disaster.

This legislation creates a source of transportation funding for State and local roads while saving additional moneys for times of State revenue shortfalls or major disasters. Section 1, in part, creates an Economic Reserve and Investment Fund ("ERIF") for the purpose of providing moneys for: 1) the Strategic Initiatives Program; 2) meeting General Fund revenue shortfalls or 3) meeting expenses incurred as the result of a major disaster declared by the Governor. As background, both the Economic Recovery and Reserve Fund and the Budget Stabilization Fund were for meeting general revenue shortfalls, and expenses as a result of major disasters. The ERIF, which replaces the Economic Recovery and Reserve Fund, still has those purposes with the addition of funding the Strategic Initiatives Program. The Strategic Initiatives Program is a competitive transportation project grant program. The grant is administered by the Idaho Transportation Department ("ITD") and Local Highway Technical Assistance Council ("LHTAC"). The award is based on criteria including, but not limited to, projects enhancing safety, traffic mobility, repair and maintenance of bridges and purchase of right of ways. The ERIF will receive funds from the remaining moneys in the Economic Recovery and Reserve Fund. On or about July 1, 2020, the State Controller is directed to transfer $272,000,000 from the Budget Stabilization Fund to the ERIF. After the close of the fiscal year, on or about July 1, the State Controller shall transfer any General Fund excess to the ERIF. The General Fund excess shall be calculated by first providing for the carry forward ending balance or $60,000,000 — whichever is greater — plus an amount sufficient to cover encumbrances and reappropriation as authorized by the Legislature. On or about July 15, 2020, the State Controller shall transfer $38,200,000 to the Strategic Initiatives Program. On or about July 15, 2021, the State Controller shall transfer $1 dollar to the Strategic In