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FISCAL NOTE
Senate Bill 101
Committee: Ways and Means Education Sponsor: Senator Arthur Orr
Analyst: John Friedenreich Date: 05/22/2023
Senate Bill 101 as passed the Senate would amend 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) revise the current
distribution of excess revenues deposited into the Education Trust Fund (ETF) Budget
Stabilization Fund and the ETF Advancement and Technology (A and T) 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) cap the
amount of excess revenue deposited annually into the ETF A and T Fund at $1 billion; (6)
create the Educational Opportunities Reserve (EOR) 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monies shall be deposited pursuant to this act, and which may be withdrawn through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 existing obligations paid from the ETF; 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; (7) further
provide that no funds may be appropriated from the EOR Fund until the balance equals or
exceeds $300 million; and (8) provide further that any remaining excess revenues after the
transfers to the ETF Budget Stabilization Fund, the ETF A and T Fund, and the EOR Fund
will remain in the ETF as nonrecurring revenues.