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Bill

LC 1151

Create contingency fund

2025 Regular Session

Creates a state contingency fund to cover unforeseen or emergency expenditures, with governance, funding sources, and disbursement rules defined in the bill.

(LC) Draft Died in Process
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Bill Summary · LC 1151

Summary: LC 1151 — Create contingency fund

A concise overview of the bill, based on the title and available status information (no text of the bill is provided here).

Overview

  • Bill number and title: LC 1151, "Create contingency fund"
  • Subject: State Finance; State Government (and related appropriations/taxation subjects)
  • Purpose (as inferred from title): To establish a new contingency fund within the state’s financial framework intended to cover unforeseen or emergency expenditures. The exact design, funding source, and governance would be defined in the bill’s text.

Note: The actual legislative text is not provided in the information given. The details below reflect typical elements such a bill might include, but the specific provisions could differ.

Key provisions and changes (anticipated elements)

Because the full text is not available, the following are common components of contingency-fund provisions and are presented as guidance on what to look for in the bill:
- Fund purpose and scope: A defined objective to address unplanned or urgent state expenditures outside the regular budget.
- Funding source: Specification of where the money would come from (e.g., general fund transfers, dedicated revenue, or one-time allocations).
- Administration and governance: Which state office would manage the fund (e.g., Department of Finance, State Treasurer) and who would approve disbursements.
- Uses and limitations: Eligible expenditures, eligibility criteria, and any bureaucratic safeguards (e.g., approval thresholds, emergency declarations).
- Disbursement process: Steps for drawing on the fund, including any required approvals or notifications to the legislature.
- Oversight and reporting: Requirements for audits, annual or periodic reports, and transparency measures.
- Repayment or replenishment: Provisions for restoring the fund after use, including timelines or triggers.
- Sunset or renewal: Whether the fund or its authority would be temporary or require periodic reauthorization.

Affected parties

  • State government and agencies: Potentially subject to new budgeting, reporting, and authorization requirements.
  • Budget and finance offices: Responsible for managing, tracking, and reporting on the contingency fund.
  • Legislature: Involved in authorizing appropriations, approving disbursements, and auditing fund use.
  • Taxpayers and residents: Indirect impact through how state funds are allocated and replenished.

Status and timeline

  • Introduced: November 11, 2024
  • Draft on hold: November 14, 2024
  • Died in process: May 23, 2025
  • Current status: The bill did not advance beyond the draft stage. No enacted provisions are in effect.

Additional notes and next steps

  • To understand the bill’s concrete impact, the full text is needed. If available, review the exact language for:
    • Fund size and funding mechanisms
    • Eligibility criteria and oversight structure
    • Interaction with existing reserves (e.g., rainy day funds) and annual budgeting
  • Monitor for any similar or amended proposals in future sessions, as the concept of a contingency fund frequently reappears in state finance discussions.

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

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