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CT HB05650

Bill

Official Source

Status

Introduced

1/21/2011

Primary Sponsor

Linda Schofield

Click for details

Origin

House of Representatives

2011 General Assembly

AI Summary

  • Increases the maximum permissible balance of the Budget Reserve Fund from 10% to 15% of current fiscal year net General Fund appropriations
  • Requires the State Treasurer to transfer any projected surplus greater than 1% of net General Fund appropriations to the Budget Reserve Fund during the month the projection is issued
  • Allows transferred surplus amounts to be released from the Budget Reserve Fund during the current fiscal year if a budget deficit occurs
  • Applies to projections from cumulative monthly financial statements issued by the Comptroller under section 3-115 of the general statutes
  • Intended to enhance state fiscal stability by increasing unappropriated surplus deposits and requiring mid-fiscal year transfers when surpluses are projected

Legislative Description

An Act Concerning Transfers Of General Fund Surplus To The Budget Reserve Fund.

Last Action

Public Hearing 04/05

3/18/2011

Committee Referrals

Appropriations1/21/2011

Full Bill Text

No bill text available