2012 Session

Budget Amendments - SB30 (Committee Approved)

CA: Non-recurring Reserve Fund

Item 472.10 #1s

Item 472.10 #1s

First Year - FY2013 Second Year - FY2014
Central Appropriations
Central Appropriations FY2013 $61,750,000 FY2014 $0 GF

Page 363, following line 15, insert:
There is hereby appropriated to this Item $61,750,000 the first year from the one-time deposit to the general fund pursuant to the Mortgage Servicing Settlement. These funds shall be used for the following purposes in priority order:
1. Fund any shortfall in funding of the one-time three percent bonus payment for state employees, as authorized in Item 468, of this Act.
2. Up to $50,000,000 of any funds remaining after satisfaction of the requirements of A.1 of this Item shall be used to offset the reductions in local aid set out in Item 472 of this Act, Reversion Clearing Account - Aid to Local Governments.
3. Any funds remaining after satisfaction of the requirements of A.1 and A.2 of this Item shall be transferred to further capitalize the Federal Action Contingency Trust (FACT) Fund set out in Item 469.J, of this Act."

(This amendment provides $61.8 million GF in the first year for creation of a Non-recurring Reserve Fund. These general funds are derived from the Commonwealth's one-time payment under the Mortgage Servicing Settlement Agreement.)