HB4118 Summary

• Includes the Pension Stabilization Fund in 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 2024 to address outstanding vouchers without repayment if the bill backlog exceeds $4,000,000,000 on June 30.

• Modifies Budget Stabilization Fund transfer requirements to transfer up to $200,000,000 monthly when the bill backlog is below $3,000,000,000, with a 5% of prior year general funds revenues target.

• Requires departments to certify amounts of unpaid invoices and the Comptroller to report estimated bill backlogs starting May 15, 2023, with monthly reporting on June 30 of each year.

• Allows the Governor to authorize emergency transfers from the Budget Stabilization Fund to the General Revenue Fund when the bill backlog exceeds $3,000,000,000, with the General Assembly permitted to appropriate from the fund for health, safety, and welfare purposes.