House Bill 1054 Summary

• State Fiscal Officer shall transfer $52,802,349.79 to Budget Contingency Fund during fiscal year 2011 from State General Fund and special funds, and $14,554,358.00 to State Treasurer from loan program funds for debt service on general obligation bonds.

• State Fiscal Officer shall transfer $291,046,510.00 to Budget Contingency Fund during fiscal year 2012 from State General Fund, Capital Expense Fund, Hurricane Disaster Reserve Fund, and other specified special funds.

• Legislature authorized to request funds from Secretary of State's Fund No. 3111 annually for Joint Legislative Committee expenses and legislative-related assessments, with State Fiscal Officer required to transfer requested amounts in timely manner.

• State Treasurer prohibited from transferring RMK Select Timberland 1 Portfolio assets from Health Care Trust Fund to Public Employees' Retirement System until PERS transfers monetary value equivalent back into Health Care Trust Fund; repealer date extended to July 1, 2013.

• Health Care Expendable Fund authorized to borrow from state special funds for temporary cash flow deficiencies with repayment during same fiscal year; $56,263,438.00 transferred from Health Care Trust Fund during fiscal year 2012; funds paid by veterans residents to state veterans homes classified as fiduciary special funds.