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
Title:SCS/SJR 30
Effective Date:Indefinite
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Current Bill Summary

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.