ID H0513

Creates the Economic Reserve and Investment Fund in the state treasury to cover general fund revenue shortfalls, major disaster expenses declared by the governor, and highway distribution account funding.

Transfers $272 million from the budget stabilization fund to the new Economic Reserve and Investment Fund on July 1, 2020, and requires annual transfers of excess general fund cash balances (after maintaining $60 million minimum or legislative carryover amount).

Authorizes annual distributions of up to 5% of the fund's average monthly fair market value to the highway distribution account beginning July 1, 2022, with distributions capped at no more than the fund's fair market value and no transfers if interest earnings are negative or fund balance drops to $272 million.

Prohibits appropriations or transfers from the fund without legislative approval by majority vote in both houses, except for the initial transfer from the budget stabilization fund.

Declares this act an emergency measure effective June 1, 2020.