2008 Session

Budget Amendments - HB30 (Floor Approved)

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Defer Interest Earnings

Item 467 #1h

Item 467 #1h

First Year - FY2009 Second Year - FY2010
Central Appropriations
Central Appropriations FY2009 ($16,678,402) FY2010 $0 GF

Page 417, strike lines 9 through 55 and insert:"Notwithstanding the provisions of Chapter 933 and Chapter 943 of the Acts of Assembly of 2006 or House Bill 1124 of the 2008 Session of the General Assembly, the State Comptroller shall revert to the general fund all interest on educational and general program balances that are remitted to the State Comptroller in accordance with the management agreement.  Each institution governed under a management agreement shall remit to the State Comptroller quarterly and the State Comptroller shall hold in escrow all interest earned on the University's tuition and fees and other nongeneral fund educational and general program revenues." Page 418, strike lines 1 through 14.

(This amendment ensures that interest earnings for institutions governed under a management agreement are also retained in the general fund as is required for noncovered institutions.)