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ID H0623
Bill
Status
3/10/2020
Primary Sponsor
Ways and Means Committee
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AI Summary
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Increases the maximum allowable amount in the Budget Stabilization Fund from 10% to 15% of total general fund receipts for the fiscal year just ending.
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Requires the State Controller to transfer 50% of any excess general fund cash balance to the Budget Stabilization Fund after fiscal year close, following provisions for carryover balances and encumbrances.
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Modifies Highway Distribution Account apportionment percentages gradually over fiscal years 2021-2025, with local units of government receiving 38%-40%, state highway account receiving 57%-60%, and law enforcement account phasing from 5% to 0%.
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Adds a new provision requiring the State Controller to transfer 50% of any excess general fund cash balance to the Highway Distribution Account notwithstanding other provisions of law.
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Section 2 (Highway Distribution Account changes) takes effect immediately upon passage and approval; Section 1 (Budget Stabilization Fund changes) takes effect July 1, 2021.
Legislative Description
Amends existing law to increase the allowable amount of moneys in the budget stabilization fund and to provide for both the budget stabilization fund and highway distribution account to receive certain excess cash balances in the general fund.
STATE SAVINGS ACCOUNTS
Last Action
Reported Printed and Held at Desk
3/10/2020