BUDGET RESERVE ACCOUNT AMENDMENTS
Senate Committee Amendments
Senator Lyle W. Hillyard proposes the following amendments:
1. Page 1, Lines 14 through 15 :
14 . modifies the limits on the Education Budget Reserve Account;
15 . makes technical changes.
2. Page 1, Lines 22 through 23 :
22 63J-1-312, as last amended by Laws of Utah 2011, Chapters 211, 303, and 342
23 63J-1-313, as last amended by Laws of Utah 2011, Chapter 303
3. Page 6, Lines 178 through 179 :
178 (6) Interest generated from investments of money in the Education Fund Budget
179 Reserve Account shall be deposited into the Education Fund.
63J-1-314 . Deposits related to the Disaster Recovery Funding Act.
(1) As used in this section, "operating deficit" means that, at the end of the fiscal year, the unassigned fund balance in the General Fund is less than zero.
(2) Except as provided under Subsection (3), at the end of each fiscal year, the Division of Finance shall, after the transfer of General Fund revenue surplus has been made to the Medicaid Budget
(a) determining the amount of General Fund revenue surplus after the transfer to the Medicaid
(b) calculating an amount equal to the lesser of:
(i) 25% of the amount determined under Subsection (2)(a); or
(ii) 6% of the total of the General Fund appropriation amount for the fiscal year in which the surplus occurs; and
(c) adding to the amount calculated under Subsection (2)(b) an amount equal to the lesser of:
(i) 25% more of the amount described in Subsection (2)(a); or
(ii) the amount necessary to replace, in accordance with this Subsection (2)(c), any amount appropriated from the State Disaster Recovery Restricted Account within 10 fiscal years before the fiscal year in which the surplus occurs if:
(A) a surplus exists; and
(B) the Legislature appropriates money from the State Disaster Recovery Restricted Account that is not replaced by appropriation or as provided in this Subsection (2)(c).
(3) Notwithstanding Subsection (2), if, at the end of a fiscal year, the Division of Finance determines that an operating deficit exists, the division shall reduce the transfer to the State Disaster Recovery Restricted Account by the amount necessary to eliminate the operating deficit.
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