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State Budget

2012 Session

Budget Amendments - HB30 (Floor Approved)

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Modify interest earnings (language only)

Item 3-3.03 #1h

Item 3-3.03 #1h
General Fund Deposits
Interest Earnings

Language
Page 392, line 50, strike "$16,675,169" and "$16,675,169" and insert:
"$16,649,754" and "$16,649,754".
Page 394, strike line 14.
Page 397, after line 31, insert:
"B. If actual general fund transfers in any year exceed the amount shown for “transfers” in the resources available for appropriation from the general fund in the first enactment of this act, the interest earnings retained by the general fund as a result of this provision shall be capped at $16,649,754 the first year and $16,649,754 the second year.  Any interest earnings above this amount will be distributed proportionately back to the nongeneral funds shown in this item."

Explanation
(This amendment (1) allows the Parking Fund to retain its interest and (2) caps the amount of interest that shall be withheld in any fiscal year. All proceeds collected by the Parking Fund are made through fees charged to state employees. Any interest earnings help offset those fees. A companion amendment to page one of this act reflects the resulting changes in general fund resources.)

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