SB0006 Summary

• Terminates transfers from the Tobacco Settlement Recovery Fund to the Budget Stabilization Fund once an initial transfer is made under the amended Budget Stabilization Act.

• Requires Department on Aging, Departments of Central Management Services, Healthcare and Family Services, Human Services, and Department of Revenue to annually certify by January 10 insufficient appropriations and tax overpayments that will not be refunded in the current fiscal year.

• Establishes minimum funding level of $3,400,000,000 in accounts payable; transfers up to $400,000,000 monthly from General Revenue Fund to Budget Stabilization Fund to maintain 5% of prior fiscal year general funds revenues, halting transfers once 5% threshold is reached.

• Allows General Assembly to authorize additional Budget Stabilization Fund transfers after Governor certifies a shortfall and provides written notice per the Short Term Borrowing Act.

• Extends Pension Stabilization Fund transfers beyond fiscal year 2014 and increases transfer rates from 0.5%/1.0% to 1.0%/2.0% of estimated general funds revenues, with additional 10% transfer of designated retirement system contributions starting in FY2016.