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FISCAL NOTE
Senate Bill 101
Committee: Finance and Taxation EducationSponsor: Senator Arthur Orr
Analyst: John Friedenreich Date: 05/03/2023
Senate Bill 101 as introduced amends the Rolling Reserve Act to: (1) provide a secondary
spending cap beginning with the fiscal year ending September 30, 2024; (2) adjust the fiscal
year appropriation cap by dropping the highest growth year; (3) change the distribution of
excess revenues deposited into the Education Trust Fund Budget Stabilization Fund and the
Education Trust Fund Advancement and Technology Fund; (4) provide that transfers into
the ETF Budget Stabilization Fund from excess revenues continue until the fund reaches
10%, currently 7.5%, of the previous year’s ETF appropriation; (5) create the Educational
Opportunities Reserve Fund in the State Treasury into which monies shall be deposited
pursuant to this act, and which may be withdrawn through supplemental appropriations bills
to: offset a reduction in estimated revenue of at least 2% to the Education Trust Fund;
provide funding for unanticipated obligations; and provide for start-up or transitional
support for initiatives that provide access to enhanced educational opportunities to public
K-12 or higher education students, or both; (6) further provide that no funds may be
appropriated from the Educational Opportunities Reserve Fund until the balance equals or
exceeds $300,000,000; and (7) provide further that any remaining excess revenues after the
transfers to the Education Trust Fund Budget Stabilization Fund, the Education Trust Fund
Advancement and Technology Fund, and the Educational Opportunities Reserve Fund will
remain in the Education Trust Fund as nonrecurring revenues and be available for
supplemental appropriation.