§ 29-13-4 — Transfer of Funds

(a) Beginning on October 1, 2020, and on October 1 of each fiscal year thereafter, there is transferred into the General Fund Budget Reserve Fund established in Section 29-13-3, 20 percent of the ending balance in the General Fund from the previous fiscal year that was unanticipated and unappropriated by the Legislature as a beginning balance in the current fiscal year. The Legislature shall set forth the amount of the beginning balance anticipated and appropriated in the General Fund appropriation each year beginning in the General Fund appropriation act for the fiscal year beginning October 1, 2020. The Director of Finance shall transfer 20 percent of the unanticipated and unappropriated beginning balance by November 15 of each year.
(b) The transfer authorized pursuant to subsection (a) shall be made each year when the balance in the General Fund Budget Reserve Fund at the end of a fiscal year is less than one hundred million dollars ($100,000,000).

Legislative History

(Act 2020-115, §4.)