House Bill 635 Summary

• Transfers $10,000,000 from the General Fund to the Permanent Building Fund, with the appropriated amount to be used for capital outlay by the Department of Administration Division of Public Works for fiscal year 2015.

• Allocates $8,000,000 of the $10,000,000 appropriation for building reconstruction, renovation, or repair at institutions designated by the Permanent Building Fund Advisory Council, and $2,000,000 specifically for the Education Building at the University of Idaho.

• Authorizes transfer of up to $24,000,000 in excess General Fund cash to the Budget Stabilization Fund upon fiscal year 2014 financial close, notwithstanding statutory limits on fund balances.

• Appropriates up to $10,000,000 to the Public Education Stabilization Fund and up to $2,000,000 combined to Higher Education Surplus Stabilization Accounts from excess General Fund cash upon fiscal year 2014 close.

• Requires the State Controller to maintain a minimum $26,000,000 carryover into fiscal year 2015 and authorizes pro rata adjustment of all transfers if General Fund revenues are insufficient to support full authorized amounts.