SB 699

Abstract

Revenue reserves and budgetary amendments. Provides that if the Governor in the Budget Bill recommends a transfer of funds in the Revenue Reserve Fund in excess of the statutory 15 percent combined balance limit, then the corresponding purpose and proposed use of such transferred funds shall be included within the corresponding budget items. The bill also directs that if the Revenue Stabilization Fund and Revenue Reserve Fund are in excess of the statutory 15 percent combined balance limit, the State Comptroller shall transfer such excess amounts to the general fund and present such amounts as an assigned fund balance for nonrecurring expenditures on the Comptroller's preliminary annual report and if such a transfer is required, but the Revenue Stabilization Fund is not in excess of its Constitutional 15 percent balance limit, the amounts required to be transferred shall first be deposited into the Revenue Stabilization Fund instead of the general fund.

Revenue reserves and budgetary amendments.Increases the maximum combined amount in the Revenue StabilizationFund and the Revenue Reserve Fund from 15 percent to 20 percent ofthe Commonwealth's average annual tax revenues derived from taxeson income and retail sales for the preceding three years. The billalso provides that if the Governor in the Budget Bill recommendsa transfer of funds in the Revenue Reserve Fund in excess of suchlimitation, then the corresponding purpose and proposed use of suchtransferred funds shall be included within the corresponding budgetitems.