HB15-1058: General Fund Surplus Transfers For Education

• State treasurer must transfer the unrestricted general fund surplus at year-end: 70% to the state education fund and 30% to the higher education fund, beginning with fiscal year 2014-15.

• Transfers occur on the date the state controller publishes the comprehensive annual financial report and account for overexpenditures, accrual adjustments, constitutional refunds, and statutory reserves.

• General assembly may appropriate moneys from the higher education fund for any higher education purpose but cannot appropriate or transfer those funds for other purposes.

• Transfers cease beginning with the first fiscal year when the Department of Education is not required to implement funding reductions through a negative factor in school finance, as notified by the education commissioner by June 30.

• Unexpended moneys in the higher education fund remain in that fund and cannot be transferred to the general fund or other funds; interest and income from fund investments are credited to the fund.