Senate Bill 474 - Budget Adjustments Summary

• Authorizes the Secretary of the Office of Policy and Management to reduce General Fund allotments across executive branch agencies for fiscal year 2015-2016, with specific dollar amounts listed for each department ranging from hundreds to millions of dollars.

• Modifies budget reduction targets for the legislative and judicial branches for fiscal year 2016, increasing legislative reductions from $2 million to $3 million and judicial reductions from $15 million to $24.6 million.

• Authorizes transfers from multiple special funds and accounts to the General Fund for fiscal year 2016, including the Tobacco Settlement Fund, University of Connecticut Operating Fund, Emissions Enterprise Fund, and Citizens' Election Fund, totaling approximately $70+ million in available transfers.

• Requires Secretary approval before any carryover of unspent funds from fiscal year 2016 to fiscal year 2017 is permitted.

• Establishes separate, reduced budget reduction requirements for the legislative and judicial branches for fiscal year 2017 ($2 million and $15 million respectively).