SB2554 Summary

• Adds the Pension Stabilization Fund to the definition of "general funds" or "State general funds" under the State Budget Law.

• Allows transfers from the Budget Stabilization Fund to the General Revenue Fund starting in fiscal year 2022 to address outstanding vouchers without repayment if the bill backlog exceeds $4,000,000,000 as determined by the Comptroller on June 30.

• Modifies Budget Stabilization Fund transfer requirements to establish that if the bill backlog is less than $3,000,000,000 on June 30, monthly transfers of up to $200,000,000 shall be made to the Budget Stabilization Fund, with a monthly cap of $16,666,666 for transfers to health insurance and refund funds.

• Allows the Governor to direct the Comptroller to cease Budget Stabilization Fund transfers and instead transfer funds to the General Revenue Fund to keep the bill backlog below $3,000,000,000, and permits General Assembly appropriations from the fund for health, safety, and welfare purposes upon Governor's written notice.

• Takes effect immediately upon becoming law.