|SJR 030||Establishes "Budget Savings Fund"|
|LR Number:||S2440.04C||Fiscal Note:||2440-04|
|Last Action:||05/28/96 - S Inf Calendar S Bills for Perfection w/SCS|
SCS/SJR 30 - This constitutional amendment, if approved by the voters, would amend provisions relating to the Cash Operating Reserve Fund and would establish a Budget Stabilization Fund within the state treasury.
Under current law, the Commissioner of Administration can transfer moneys from the fund to the General Revenue Fund to meet cash operating requirements. This act permits a transfer to any state fund, not just the General Revenue Fund. Interest earned on fund investments shall remain with the Cash Operating Reserve Fund.
The General Assembly may appropriate moneys to the Budget
Stabilization Fund until the fund balance equals two and one-half
percent of the net general revenue collections for the previous
fiscal year. Moneys in the fund may be used, upon an emergency
appropriation requested by the Governor, to fund expenditures
required because of a disaster or to fund existing appropriations
which had been subject to withholding by the Governor because of
a shortfall of revenue. One-third of the moneys expended from
the Budget Stabilization Fund shall stand appropriated back to
the Budget Stabilization Fund from the recipient fund which
benefitted, until the balance has been repaid.