CT SB00401

Establishes the municipal revenue sharing account as a separate, nonlapsing account within the General Fund to hold moneys required by law to be deposited.

Requires motor vehicle property tax grants to municipalities be expended not later than August 1 annually, effective for the fiscal year ending June 30, 2022 and each fiscal year thereafter.

Requires grants under sections 12-18b, 12-19b, and 12-20b be expended by the secretary for the fiscal year ending June 30, 2022 and each fiscal year thereafter.

Directs remaining municipal revenue sharing grant moneys from sales tax revenue be distributed to municipalities not later than October 1 following the end of the fiscal year in which such revenue accrues.

Permits municipalities to apply to the Office of Policy and Management on or after July 1 for early disbursement of a portion of their grant, with approval possible if early disbursement is needed for cash flow needs and no disbursement issued later than September 30.