Committee OKs amendment consolidating revenue stabilization into budget stabilization fund

The House Committee on Ways and Means voted to report HB 678 as amended, a constitutional amendment that would modify the disposition of state revenues by repealing the revenue stabilization trust fund and changing deposits of mineral revenues into the budget stabilization fund.

Chairwoman Emerson said the measure began as a broader Article VII rewrite but was narrowed; she described the change as a funds-combination effort and said the statutory companion allows deposits into the budget stabilization ("rainy day") fund with a target of about $3,000,000,000.

Committee staff presented a draft 6.8A report recommending reporting with technical amendments (amendment set 2,067). The staff report reiterated that the measure "cannot be accomplished statutorily" and stated the proposed election date of 11/03/2026. Representative Millering moved to adopt the 6.8A report with amendments; the committee adopted the report and amendments without recorded objection.

Emerson told members the ballot language was intended to be a single-issue description and that the committee intentionally narrowed the constitutional text to the specific funds combination. Members said the measure is intended to simplify the constitutional language and statutory back-up files would govern implementation.

After discussion, Representative Millering moved to report HB 678 as amended; committee members "saw no objection" and the resolution was reported as amended.

The committee noted the amendment reduces the constitutional text to the funds-combination elements and that the ballot language is aimed at clear voter understanding; staff described the amendments as largely technical and not changing the substance of the measure. The committee recorded no roll-call vote; the actions were adopted by voice/without objection.