HI HB564

Increases the deposit percentage into the emergency and budget reserve fund from 5% to 10% of excess general fund balance when state revenues exceed prior year revenues for two consecutive fiscal years.

Requires that 50% of moneys deposited under the new 10% provision (equivalent to 5% of excess general fund balance) be used to address the unfunded liability of the Employees' Retirement System.

Maintains the existing condition that transfers to the emergency and budget reserve fund do not occur when the fund balance already equals or exceeds 10% of general fund revenues for the preceding fiscal year.

Requires moneys from tobacco settlements, legislative appropriations, and excess general fund balance to be kept in separate and distinct accounts.

Takes effect June 30, 2011, and is exempt from repeal under the sunset provision scheduled for June 30, 2015.