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FL S1128
Bill
Status
Introduced
1/2/2024
Primary Sponsor
Education Postsecondary
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AI Summary
- Florida universities may retain and report to the Board of Governors an annual reserve balance exceeding the existing 7 percent minimum carry forward requirement of their state operating budget
- Universities that fail to maintain the 7 percent minimum balance must still submit a plan to the Board of Governors to restore that balance within the next fiscal year
- A university's carry forward spending plan may now include retention of the carry forward balance as a reserve fund for authorized expenses in subsequent years
- Authorized carry forward expenditures continue to include capital outlay projects, renovation/repair, infrastructure, natural disaster recovery, operating expenditures supporting the university's mission, and emergency contingency reserves
- Effective date is July 1, 2024; sponsored by Senator Martin and reported by the Senate Committee on Education Postsecondary
Legislative Description
University Carry Forward Balances
Last Action
Laid on Table, refer to CS/HB 707
3/1/2024
Committee Referrals
Appropriations1/25/2024
Appropriations Subcommittee on Education1/18/2024
Full Bill Text
No bill text available