HB 7059 Summary

• Terminates three trust funds within the Department of Economic Opportunity: Community Services Block Grant Trust Fund (FLAIR 40-2-118), Energy Consumption Trust Fund (FLAIR 40-2-174), and Low-Income Home Energy Assistance Program Block Grant Trust Fund (FLAIR 40-2-451), with all balances and revenues transferred to the Federal Grants Trust Fund.

• Terminates the Economic Development Transportation Trust Fund (FLAIR 40-2-175) within the Department of Economic Opportunity, with all balances and revenues transferred to the State Transportation Trust Fund within the Department of Transportation.

• Requires the Department of Economic Opportunity to pay outstanding debts and obligations of terminated trust funds as soon as practicable, with the Chief Financial Officer removing them from state accounting systems using generally accepted accounting principles.

• Amends Florida Statute 17.61 to remove the Economic Development Transportation Trust Fund from the list of trust funds where the Department of Economic Opportunity may not invest trust fund moneys.

• Amends Florida Statute 420.36 to change fund references in the Low-income Emergency Home Repair Program from "Energy Consumption Trust Fund" to "Federal Grants Trust Fund."

• Effective date: July 1, 2014.