This bill creates and funds the General Fund Budget Reserve Fund and provides for the withdrawal and use of the amounts deposited into the fund
To create the General Fund Budget Reserve Fund; to transfer monies to the fund; and to provide for the withdrawal and use of amounts deposited into the fund.
To create the General Fund Budget Reserve Fund; to transfer monies to the fund; and to provide for the withdrawal and use of amounts deposited into the fund
This act shall be known as the General Fund Budget Reserve Act.
As used in this act, the following terms shall have the following meaning: (1) Ending Balance. The balance in the General Fund at the conclusion of a fiscal year, excluding General Fund appropriations unexpended and reverted. The term shall not include any balances remaining in any fund other than the General Fund. (2) Beginning Balance. The balance in the General Fund the first day of a fiscal year, excluding any General Fund reversions. The term shall not include the beginning balance in any fund other than the General Fund.
There is hereby created within the State Treasury the General Fund Budget Reserve Fund, to which monies shall be deposited as provided in this act and as appropriated by the Legislature. Monies which accrue to the Budget Reserve SB129 Fund shall not be subject to withdrawal except as provided in this act. Any monetary interest which accrues to the General Fund Budget Reserve Fund shall be retained in the fund from year to year and shall be subject only to the provisions of this act.
(a) Beginning on October 1, 2020 and on October 1 of each fiscal year thereafter, there is hereby transferred into the General Fund Budget Reserve Fund established in Section 3, twenty percent (20%) of the ending balance in the General Fund from the previous fiscal year that was unanticipated and unappropriated by the Legislature as a beginning balance in the current fiscal year. The Legislature shall set forth the amount of the beginning balance anticipated and appropriated in the General Fund appropriation each year beginning in the General Fund appropriation act for the fiscal year beginning October 1, 2020. The Finance Director shall transfer twenty percent (20%) of the unanticipated and unappropriated beginning balance by November f each year. (b) The transfer authorized pursuant to subsection (a) above shall be made each year when the balance in the General Fund Budget Reserve Fund at the end of a fiscal year is less than one-hundred million dollars ($100,000,000).
(a) Except as provided in subsection (b), amounts in the General Fund Budget Reserve Fund may be SB129 withdrawn only to prevent proration in the General Fund. The Governor must certify to the state Comptroller and notify the Legislature that proration would occur in the General Fund before funds may be withdrawn to prevent proration. Following the certification and notification by the Governor, withdrawals may be made from the General Fund Budget Reserve Fund to prevent proration; however, the withdrawals shall be limited to the amount of the anticipated proration and funds allotted only to the extent necessary to avoid proration of appropriations from the General Fund. Any funds withdrawn from the General Fund Budget Reserve Fund in excess of the amount necessary to avoid proration shall be transferred back to the General Fund Budget Reserve Fund within 30 days after the end of the fiscal year in which withdrawals are made. (b) Amounts in the General Fund Budget Reserve Fund may be withdrawn by and through an independent supplemental appropriation bill enacted with a recorded vote of at least two-thirds of the membership of each legislative chamber to provide funding necessary for any of the following: (1) To offset a reduction in estimated revenues to the General Fund for the current fiscal year. (2) To fund state employee pay raises or bonuses. (3) To provide funding for unanticipated obligations. SB129 (c) No funds may be appropriated pursuant to subsection (b) until the balance of the General Fund Budget Reserve Fund at the end of the previous fiscal year equals or exceeds fifty million dollars ($50,000,000). (d) Amounts appropriated from the General Fund Budget Reserve Fund pursuant to subsection (b) shall be budgeted and allotted in accordance with Sections 41-4-80 through 41-4-96 and Sections 41-19-1 through 41-19-12.
This act shall become effective immediately following its passage and approval by the Governor, or its otherwise becoming law. SB129 President and Presiding Officer of the Senate Speaker of the House of Representatives SB129 Senate 05-MAY-20 I hereby certify that the within Act originated in and passed the Senate. Patrick Harris, Secretary. House of Representatives Passed: 07-MAY-20 By: Senator Chambliss
|May 7, 2020||S||Forwarded to Governor at 5:41 p.m. on May 7, 2020|
|May 7, 2020||S||Assigned Act No. 2020-115.|
|May 7, 2020||H||Signature Requested|
|May 7, 2020||S||Enrolled|
|May 7, 2020||S||Passed Second House|
|May 7, 2020||H||Motion to Read a Third Time and Pass adopted Roll Call 474|
|May 7, 2020||H||Third Reading Passed|
|May 6, 2020||H||Read for the second time and placed on the calendar|
|May 5, 2020||H||Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund|
|May 5, 2020||S||Motion to Read a Third Time and Pass adopted Roll Call 465|
|May 5, 2020||S||Third Reading Passed|
|February 13, 2020||S||Read for the second time and placed on the calendar|
|February 6, 2020||S||Read for the first time and referred to the Senate committee on Finance and Taxation General Fund|
|Document Type||Document Location|