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2016 Session

Budget Amendments - SB29 (Committee Approved)

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CIT Operating Support

Item 468 #2s

Item 468 #2s

First Year - FY2015 Second Year - FY2016
Central Appropriations
Central Appropriations FY2015 $0 FY2016 $800,000 GF

Language
Page 184, line 40, strike "$13,613,298" and insert "$14,413,298".

Page 184, line 47, strike "$11,813,298" and insert "$12,613,298".

Page 187, after line 53 insert:

"O. Out of this appropriation, $800,000 the second year from the general fund is provided to assist the Center for Innovative Technology in addressing a projected operating shortfall for fiscal year 2016.  Beginning in April 2016, the Center for Innovative Technology shall provide the Director, Department of Planning and Budget, and the Staff Directors of the House Appropriations Committee and the Senate Finance Committee, with monthly progress reports that depict the cash position of the Center and the itemized specific corrective actions taken to address the shortfall.  If review of the monthly documentation indicates a good faith effort on the part of the Center to properly track and minimize the projected shortfall, the Director, Department of Planning and Budget, may transfer up to the $800,000 provided in this Item to the Innovation and Entrepreneurship Investment Authority by June 30, 2016.”



Explanation

(This amendment provides one-time general fund support to assist the Center for Innovative Technology address a projected operating shortfall for fiscal year 2016 and mandates monthly progress reports that depict the cash position of the Center and the itemized specific corrective actions taken to address the shortfall.)