CT HB05019

Establishes automatic transfers to the Budget Reserve Fund: 50% of any surplus projected in the Comptroller's January or May financial statement, plus any unappropriated General Fund surplus after fiscal year close.

Caps the Budget Reserve Fund at 10% of net General Fund appropriations for the fiscal year in progress; no further transfers occur once this level is reached.

Directs surplus amounts exceeding the Budget Reserve Fund cap to the State Employees Retirement Fund (up to 5% of unfunded past service liability) and to debt reduction through redemption, open market purchases, or defeasance of state indebtedness.

Permits temporary investment of amounts designated for debt payment in U.S. Treasury obligations, U.S. government-guaranteed securities, and securities backed by U.S. government collateral.

Takes effect upon passage and amends Connecticut General Statutes Section 4-30a(a).