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S.B. 257

             1     

DISASTER RECOVERY FUND FUNDING

             2     
MODIFICATIONS

             3     
2009 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Chief Sponsor: Lyle W. Hillyard

             6     
House Sponsor: Ron Bigelow

             7     
             8      LONG TITLE
             9      General Description:
             10          This bill modifies the Budgetary Procedures Act by suspending General Fund surplus
             11      monies deposited in the State Disaster Recovery Restricted Account.
             12      Highlighted Provisions:
             13          This bill:
             14          .    suspends, for FY 2008-09 and FY 2009-10 only, the deposit of surplus General
             15      Fund monies into the State Disaster Recovery Restricted Account by the Division of
             16      Finance; and
             17          .    makes technical changes.
             18      Monies Appropriated in this Bill:
             19          None
             20      Other Special Clauses:
             21          None
             22      Utah Code Sections Affected:
             23      AMENDS:
             24          63J-1-204, as last amended by Laws of Utah 2008, Chapter 138 and renumbered and
             25      amended by Laws of Utah 2008, Chapter 382
             26     
             27      Be it enacted by the Legislature of the state of Utah:


             28          Section 1. Section 63J-1-204 is amended to read:
             29           63J-1-204. Deposits related to the Disaster Recovery Funding Act.
             30          (1) As used in this section, "operating deficit" means that, at the end of the fiscal year,
             31      the unreserved and undesignated fund balance in the General Fund is less than zero.
             32          (2) [Beginning] Except as provided under Subsection (3), beginning with the fiscal
             33      year ending June 30, 2007, at the end of each fiscal year and after the transfer of surplus
             34      General Fund revenues has been made to the General Fund Budget Reserve Account as
             35      provided in Section 63J-1-202 , the Division of Finance shall deposit an amount into the State
             36      Disaster Recovery Restricted Account, created in Section 53-2-403 , calculated by:
             37          (a) determining the amount of surplus General Fund revenues after the transfer to the
             38      General Fund Budget Reserve Account under Section 63J-1-202 that is unrestricted and
             39      undesignated;
             40          (b) calculating an amount equal to the lesser of:
             41          (i) 25% of the amount determined under Subsection (2)(a); or
             42          (ii) 6% of the total of the General Fund appropriation amount for the fiscal year in
             43      which the surplus occurs; and
             44          (c) adding to the amount calculated under Subsection (2)(b) an amount equal to the
             45      lesser of:
             46          (i) 25% more of the amount described in Subsection (2)(a); or
             47          (ii) the amount necessary to replace, in accordance with this Subsection (2)(c), any
             48      amount appropriated from the State Disaster Recovery Restricted Account within ten fiscal
             49      years before the fiscal year in which the surplus occurs if:
             50          (A) a surplus exists; and
             51          (B) the Legislature appropriates money from the State Disaster Recovery Restricted
             52      Account that is not replaced by appropriation or as provided in this Subsection (2)(c).
             53          (3) Notwithstanding Subsection (2)[,]:
             54          (a) if, at the end of a fiscal year, the Division of Finance determines that an operating
             55      deficit exists, the Division of Finance shall reduce the transfer to the State Disaster Recovery
             56      Restricted Account by the amount necessary to eliminate the operating deficit[.]; and
             57          (b) for FY 2008-09 and FY 2009-10 only, the Division of Finance shall suspend the
             58      deposit provided under Subsection (2) to the State Disaster Recovery Restricted Account


             59      created under Section 53-2-403 .




Legislative Review Note
    as of 3-6-09 6:56 PM


Office of Legislative Research and General Counsel


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