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AL HB330
Bill
Status
3/19/2015
Primary Sponsor
Alan Boothe
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AI Summary
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Amends Section 29-9-4 of the Alabama Code to modify the Education Trust Fund Rolling Reserve Act's appropriation cap calculation.
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Requires the Director of Finance and Director of the Fiscal Office to annually certify their estimate of excess revenues that would be transferred to the Budget Stabilization Fund, with certifications due by November 15 following the fiscal year for which appropriations are being made.
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Adds 90 percent of the average of certified excess revenue amounts to the fiscal year appropriation cap for the fiscal year for which appropriations are being made.
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Directs transfers to the Education Trust Fund Budget Stabilization Fund until it reaches 20 percent of the current year's Education Trust Fund appropriations; excess beyond that threshold goes to the Education Trust Fund Capital Fund.
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Takes effect for appropriations made for the fiscal year ending September 30, 2016, with initial certifications required prior to the end of the 2015 Regular Session.
Legislative Description
Education Trust Fund, rolling reserve, additional percentage of projected surplus by Finance Director and Director of Legislative Fiscal Office, added to calculator for appropriation cap, Sec. 29-9-4 am'd.
Education Trust Fund
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
3/19/2015