LCO No. 2585 1 of 2
General Assembly Proposed Bill No. 6805
January Session, 2025
LCO No. 2585
Referred to Committee on FINANCE, REVENUE AND
BONDING
Introduced by:
REP. DEFRONZO, 26th Dist.
SEN. LOPES, 6th Dist.
REP. SANCHEZ R., 25th Dist.
AN ACT ADJUSTING THE BUDGET RESERVE FUND CAP AND
DEPOSITING CERTAIN AMOUNTS IN A MUNICIPAL
INFRASTRUCTURE RENOVATION FUND DEDICATED TO CERTAIN
PURPOSES.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
That (1) the cap on the amount in the Budget Reserve Fund be 1
adjusted to fifteen per cent, and (2) the amount between fifteen per cent 2
and eighteen per cent that would otherwise be deposited in said fund 3
be deposited in a Municipal Infrastructure Renovation Fund, which 4
amounts shall be dedicated to municipal capital expenditures requiring 5
municipal contributions and for one-time non-reoccurring expenditures 6
such as additional pension payments, early retirement incentives, 7
professional development opportunities and technology 8
improvements. 9 Proposed Bill No. 6805
LCO No. 2585 2 of 2
Statement of Purpose:
That the cap on the amount in the Budget Reserve Fund be adjusted to
fifteen per cent and the amount between fifteen per cent and eighteen
per cent that would otherwise be deposited in said fund be deposited in
a Municipal Infrastructure Renovation Fund, to be used for municipal
capital expenditures and for certain one-time non-reoccurring
expenditures.