S.B. 13 - Balanced Budget Act of 2011

• Authorizes the Director of the Budget to reduce General Fund expenditures for fiscal year 2010-2011 with a goal of reducing recurring expenditures by at least $400,000,000.

• Adjusts the 2010-2011 General Fund availability statement by modifying revenue projections, including adjustments for tax conformity, unemployment insurance credits, and various fund transfers totaling $176,439,800 in adjustments.

• Transfers $67,563,760 from Golden LEAF (Long-Term Economic Advancement Foundation) funds and $22,045,800 from the Health and Wellness Trust Fund to the General Fund to support appropriations.

• Increases the transfer from the Tobacco Trust Fund to $7,800,000 and allows the Industrial Commission to retain all overrealized receipts for computer hardware, software, and system development during the 2010-2011 fiscal year.

• Reverts $1,901,522 from the General Assembly Reserve and $1,150,693 from the Department of Insurance Reserve to the General Fund; effective for fiscal year 2010-2011 only.