SB699 - Revenue reserves & budgetary amendments; commitment of funds for Revenue Reserve Fund.

1 Co-Sponsor

Revenue reserves and budgetary amendments. Provides that if the Governor in the Budget Bill recommends a transfer of funds in the Revenue Reserve Fund in excess of the statutory 15 percent combined balance limit, then the corresponding purpose and proposed use of such transferred funds shall be included within the corresponding budget items. The bill also directs that if the Revenue Stabilization Fund and Revenue Reserve Fund are in excess of the statutory 15 percent combined balance limit, the State Comptroller shall transfer such excess amounts to the general fund and present such amounts as an assigned fund balance for nonrecurring expenditures on the Comptroller's preliminary annual report and if such a transfer is required, but the Revenue Stabilization Fund is not in excess of its Constitutional 15 percent balance limit, the amounts required to be transferred shall first be deposited into the Revenue Stabilization Fund instead of the general fund. Revenue reserves and budgetary amendments. Provides that if the Governor in the Budget Bill recommends a transfer of funds in the Revenue Reserve Fund in excess of the statutory 15 percent combined balance limit, then the corresponding purpose and proposed use of such transferred funds shall be included within the corresponding budget items. The bill also directs that if the Revenue Stabilization Fund and Revenue Reserve Fund are in excess of the statutory 15 percent combined balance limit, the State Comptroller shall transfer such excess amounts to the general fund and present such amounts as an assigned fund balance for nonrecurring expenditures on the Comptroller's preliminary annual report and if such a transfer is required, but the Revenue Stabilization Fund is not in excess of its Constitutional 15 percent balance limit, the amounts required to be transferred shall first be deposited into the Revenue Stabilization Fund instead of the general fund.