FL S0482

State Board of Administration shall annually transfer a portion of investment income from the Florida Hurricane Catastrophe Fund to the Florida Catastrophic Storm Risk Management Center beginning in fiscal year 2014-2015.

Transfer amount equals the lesser of $1 million or 35 percent of the fund's investment income minus $10 million, calculated using the most recent audited financial statements.

Transferred funds must be used solely for the center's statutory purpose of supporting the state's ability to prepare for, respond to, and recover from catastrophic storms.

Transfer authority does not limit or supplant any other funding already available to the center.

Effective date is July 1, 2014.