FL H7047

Creates the Federal Grants Trust Fund within the Department of Financial Services as a depository for federal grant funds and restricted program revenues.

Fund sources include grants and funding from the Federal Government, interest earnings, and cash advances from other trust funds.

Expenditures from the fund require legislative appropriation or an approved amendment to the department's operating budget under chapter 216.

Fund terminates on July 1, 2015, unless terminated sooner, and must be reviewed per section 215.3206(1) and (2) before scheduled termination.

Effective date is July 1, 2011, contingent upon passage by three-fifths vote of both houses of the Legislature.