Connecticut House Bill HB05393

Connecticut 2010 Regular Session

• Introduced: 2/26/10
• Refer: 2/26/10
• Report Pass: 3/25/10
• Refer: 4/6/10
• Report Pass: 4/13/10
• Engrossed: 4/28/10
• Report Pass: 4/29/10
• Chaptered: 5/25/10
• Enrolled: 5/27/10
• Passed: 6/8/10

Caption

An Act Concerning The Establishment Of An Account To Fund The Twenty-seventh State Payroll Period.

Impact

The enactment of HB05393 will have a significant impact on state financial practices. By creating a dedicated fund for the additional payroll period, the state is working towards better fiscal management, potentially reducing strain on the state budget during those times when the extra payroll is needed. This systematic approach ensures that the surprise burden of an additional payroll is accounted for ahead of time, which can help in maintaining smoother financial operations and planning within various state departments. Overall, the bill's implementation reflects a proactive measure in managing state payroll expenditures effectively.

Summary

House Bill No. 5393, also known as Public Act No. 10-173, establishes a GAAP salary reserve account within the General Fund to provide financial resources for the additional twenty-seventh payroll period that occurs in certain fiscal years. The bill mandates that, beginning in the fiscal year of July 1, 2012, the General Assembly must appropriate one-tenth of the projected funding required for this extra payroll period annually into the reserve account. This legislative measure is aimed at enhancing budget management and ensuring that necessary funds are available for the additional payroll expenses that arise occasionally, thereby promoting fiscal stability within state operations.

Sentiment

The sentiment surrounding HB05393 appears to be largely positive, especially from those who prioritize financial forecasting and stability within state budgets. Supporters argue that the establishment of a GAAP salary reserve account is a responsible financial move that allows the state to better prepare for fiscal challenges. While there may not be significant opposition noted in the discussions, any criticism likely revolves around concerns regarding state budget priorities and whether such funds could be allocated to other pressing state needs or services.

Contention

While HB05393 does not seem to have sparked extensive controversy, discussions likely revolve around the implications of dedicating funds to a specific payroll reserve instead of being able to address other areas of the state budget. Some observers might question if this initiative could detract from addressing urgent needs elsewhere in state services or if it might lead to complacency in budget management. Nonetheless, the general view leans towards this act being a prudent measure for ensuring fiscal readiness.