Changes to Existing Law
HB1036 — Establish a minimum combined balance of the budget reserve fund and general revenue replacement fund.
1 section modified+98-0
View:
§ 4-7
New Section+98
NEW SECTION added to Chapter 4-7
If in any fiscal year the combined balance of the budget reserve fund, established in § 4-7-31, and the general revenue replacement fund, established in § 4-7-45, is less than ten percent of the general fund appropriations in the general appropriations act for the succeeding fiscal year, the Legislature, by law, must transfer one-third of the amount below such level over the next three fiscal years from the general fund to the budget reserve fund until the combined balance is ten percent of the general fund appropriations in the general appropriations act for the succeeding fiscal year. 11