2004 Special Session I

Budget Amendments - SB5001 (Committee Approved)

Rainy Day Fund Revenue Surplus (language only)

Item 3-7.01 #1s

Item 3-7.01 #1s

Withholding General Fund Revenues for Revenue Stabilization

Page 441, after line 13, insert:
"After satisfying all other claims against the certified general fund revenue surplus required by law, the State Comptroller shall reserve 25 percent of the remaining portion of the general fund revenue surplus. This reserve shall be held available for appropriation by the General Assembly for deposit into the Revenue Stabilization Fund or for other uses."

(This amendment requires the Comptroller to reserve 25 percent of the general fund surplus so that additional deposits may be made to the rainy day fund. This reserved revenue is not automatically deposited into the rainy day fund but is available to the General Assembly to deposit into the fund when it appropriates the general revenue.)