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AL SB281
Bill
Status
3/18/2015
Primary Sponsor
Jimmy Holley
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AI Summary
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Amends Section 29-9-4 of the Code of Alabama 1975 regarding the Education Trust Fund Rolling Reserve Act to add an additional component to the annual 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 November 15 following each fiscal year
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Adds 90 percent of the average of the certified excess revenue amounts to the fiscal year appropriation cap for the fiscal year for which appropriations are being made
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Maintains that transfers to the Education Trust Fund Budget Stabilization Fund continue until the fund reaches 20 percent of the current year's Education Trust Fund appropriations; excess revenue beyond that threshold goes to the Education Trust Fund Capital Fund
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Changes are effective beginning with appropriations made for the fiscal year ending September 30, 2016, with initial certifications due before 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 Senate committee on Finance and Taxation Education
3/18/2015