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Bill Summary · LC 1120

LC 1120 — Authorize fund transfers

A concise, accessible summary of the bill and its potential impact based on the available information.

Bill overview

  • Bill number: LC 1120
  • Title: Authorize fund transfers
  • Subject: Money Transfer, State Finance (also relates to Appropriations; Taxation subjects)
  • Classification: bill
  • Introduced: November 11, 2024
  • Current status: Draft Died in Process (LC)
  • Legislative actions to note:
    • 2024-11-11: Drafter Assigned
    • 2024-11-14: Draft On Hold
    • 2025-05-23: Draft Died in Process

“Died in Process” indicates the bill did not advance to a committee vote or final passage. “On Hold” suggests the draft was paused or suspended during consideration.

Purpose and potential scope (based on title)

  • The bill is intended to authorize transfers of funds, presumably between state funds or accounts, within the state finance framework.
  • As the text is not provided, the exact scope, conditions, and limitations (e.g., who can initiate transfers, allowable transfer types, caps, reporting requirements) are not specified in the available material.

Key provisions (status of specifics)

  • The actual text and sections of LC 1120 are not provided here. Therefore:
    • No concrete provisions (definitions, procedures, thresholds, or oversight mechanisms) can be enumerated.
    • Any specific fiscal controls, deadlines, or reporting duties would be described in the bill’s enacted language, if revived or amended.

Note: In general, bills with similar titles typically address interfund transfers, including who may authorize transfers, permissible transfer amounts, and reporting/authorization requirements to ensure transparency and control over state funds.

Who would be affected

  • State financial offices and officers (e.g., department of finance/treasury, budget staff) responsible for managing fund transfers.
  • State agencies and programs that rely on interfund movements for cash management and program funding.
  • Legislative and oversight entities that would review or monitor transfers and related reporting.
  • Taxpayers and the public indirectly, through impacts on how state funds are allocated and reported.

Procedural and timeline notes

  • Introduced: November 11, 2024.
  • On hold shortly after introduction (November 14, 2024).
  • Drafter assigned (November 11, 2024) — indicates initial drafting stage.
  • Died in process (May 23, 2025) — the bill did not proceed to further legislative action.

Potential impact if revived or enacted

  • If enacted, the bill could affect:
    • The flexibility of the state to manage cash flow through interfund transfers.
    • Budget implementation and fund balance management.
    • Oversight requirements and transparency related to fund movements.
  • Without the exact text, the magnitude and direction of impact (costs, savings, timing) cannot be quantified.

Next steps for readers

  • Monitor official bill status updates for LC 1120 to see if it is reintroduced or amended.
  • Review the eventual bill text for precise provisions, limits, and reporting requirements.
  • Consider fiscal and administrative implications for agencies that would handle fund transfers.

If you’d like, I can update this summary if the full bill text becomes available or if there are additional legislative actions to track.

Compiled from official sources — confirm details with the bill’s official record.

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