Governor's Bill No. 1000 - Summary

• Increases Budget Reserve Fund threshold from 10% to 15% of net General Fund appropriations and adds requirement to transfer 50% of projected surplus from January financial statement into the fund within five days of issuance.

• Modifies allotment reduction limits from 3% to 5% of total appropriations and from 5% to 10% of individual appropriations without Finance Advisory Committee approval, except in cases of war, invasion, or natural disaster.

• Requires arbitration awards and labor agreements to be affirmatively approved by the General Assembly rather than deemed approved if legislature fails to vote within 30 days.

• Increases transfer threshold requiring Finance Advisory Committee consent from $250,000 or 10% to $250,000 or 15% of specific appropriations.

• Allows court settlement payments to be deposited at the Secretary of Policy and Management's discretion into the Other Post-Employment Benefits trust fund, State Employees Retirement Fund, or Teachers' Retirement Fund rather than exclusively to cancer initiatives.

• Requires implementation planning for Generally Accepted Accounting Principles (GAAP) compliance in the 2012-2013 biennial budget.

• Consolidates budget document structure by removing multi-part designation and streamlines budget documentation requirements.