SB 455 Requires the balance of all state funds in excess of 200 percent be transferred to the state General Revenue Fund every two years
Sponsor: Gross
LR Number: 1569S.01I Fiscal Note: 1569-01
Committee: Ways & Means
Last Action: 2/19/2007 - Hearing Conducted S Ways & Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary

SB 455 - This act requires the state treasurer to transfer the balance of any fund in excess of 200% of the previous fiscal year's expenditures into the state general revenue fund. This act applies to all state funds created by statute or administratively created by the office of administration.

This act does not apply to certain constitutionally created funds, special trust funds created by statute, funds for the payment of bonded indebtedness, and funds created to receive federal funds. Further, this act does not apply to any fund that is subject to current fund sweeps. For any fund in which statutory limitations allow the fund to accumulate balances equal to or greater than 200% of the previous year's expenditures, the act shall apply to the extent necessary to transfer any balance in excess of 200%.