2013 Session

Budget Amendments - SB800 (Committee Approved)

Financial Flexibility Reserve

Item 469.1 #1s

Item 469.1 #1s

First Year - FY2013 Second Year - FY2014
Central Appropriations
Central Appropriations FY2013 $21,000,000 FY2014 $15,000,000 GF

Page 435, after line 42, insert:
"A.  Except as specifically authorized in this item, the Financial Flexibility Reserve shall be maintained to assist in offsetting potential economic-driven adjustments to the official revenue forecast adopted by the 2013 General Assembly.  
B. Out of the appropriation for this item, authorized claims received for natural disasters that occurred prior to calendar year 2011 may be paid, up to a maximum of $12,037,553."

(This amendment establishes a Financial Flexibility Reserve in recognition of FY 2014 economic uncertainty that could impact revenue collections. The Financial Flexibility Reserve supplements the Federal Action Contingency Fund that was established to address a combination of budget cuts and/or revenue reductions related to pending federal budget actions.)