HB6911 Summary

• Creates two new special funds in the State Treasury: the Pay Your Bills Fund and the Pension First-Priority Fund to receive portions of incremental non-dedicated state revenue above fiscal year 2011 baseline levels.

• Establishes a revenue distribution formula allocating incremental non-dedicated state revenue as follows: 50% to General Revenue Fund, 25% to Pay Your Bills Fund, and 25% to Pension First-Priority Fund.

• Directs the Comptroller to distribute Pension First-Priority Fund moneys to state-funded pension and retirement systems proportionally based on the number of beneficiaries and vested claimants in each system.

• Authorizes the Comptroller to use Pay Your Bills Fund moneys to pay vendors and reduce state obligations for goods and services, with the fund becoming inactive once unpaid bills can be paid within 30 days or less.

• Requires refund transfers if incremental non-dedicated revenue is later determined not to exist, and authorizes the Comptroller to adopt implementing rules; effective immediately upon passage.