Section 29-13-4 – Transfer of Funds.
Section 29-13-4 Transfer of funds. (a) Beginning on October 1, 2020, and on October 1 of each fiscal year thereafter, there is transferred into the General Fund Budget Reserve Fund established in Section 29-13-3, 20 percent of the ending balance in the General Fund from the previous fiscal year that was unanticipated and unappropriated by […]
Section 29-13-5 – Withdrawal of Funds.
Section 29-13-5 Withdrawal of funds. (a) Except as provided in subsection (b), amounts in the General Fund Budget Reserve Fund may be withdrawn only to prevent proration in the General Fund. The Governor must certify to the state Comptroller and notify the Legislature that proration would occur in the General Fund before funds may be […]
Section 29-13-1 – Short Title.
Section 29-13-1 Short title. This chapter shall be known as the General Fund Budget Reserve Act. (Act 2020-115, §1.)
Section 29-13-2 – Definitions.
Section 29-13-2 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) Ending Balance. The balance in the General Fund at the conclusion of a fiscal year, excluding General Fund appropriations unexpended and reverted. The term shall not include any balances remaining in any fund other than the General Fund. […]
Section 29-13-3 – General Fund Budget Reserve Fund.
Section 29-13-3 General Fund Budget Reserve Fund. There is hereby created within the State Treasury the General Fund Budget Reserve Fund, to which monies shall be deposited as provided in this chapter and as appropriated by the Legislature. Monies that accrue to the fund shall not be subject to withdrawal except as provided in this […]