General Assembly Proposed Bill No. 5650
January Session, 2011 LCO No. 1001
Referred to Committee on Appropriations
Introduced by:
REP. REYNOLDS, 42nd Dist.
General Assembly
Proposed Bill No. 5650
January Session, 2011
LCO No. 1001
Referred to Committee on Appropriations
Introduced by:
REP. REYNOLDS, 42nd Dist.
AN ACT CONCERNING TRANSFERS OF GENERAL FUND SURPLUS TO THE BUDGET RESERVE FUND.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That section 4-30a of the general statutes be amended to increase the maximum permissible balance of the Budget Reserve Fund from ten per cent of the current fiscal year net appropriations from the General Fund to fifteen per cent of such net appropriations and to require that, if any cumulative monthly financial statement issued by the Comptroller under section 3-115 of the general statutes projects a surplus of greater than one per cent of current fiscal year net appropriations from the General Fund, the State Treasurer shall transfer, during such month, the amount of such projected surplus greater than one per cent of such net appropriations to the Budget Reserve Fund, which amount may be released during the current fiscal year in the event of a budget deficit.
Statement of Purpose:
To enhance the fiscal stability of the state by increasing the amount of unappropriated surplus deposited into the Budget Reserve Fund and by requiring deposits to the Budget Reserve Fund during the course of the fiscal year if the projected surplus exceeds one per cent of net General Fund appropriations.