27-103-213 - Unencumbered cash balance in General Fund at the close of each fiscal year to be distributed to certain funds; order of distribution.
§ 27-103-213. Unencumbered cash balance in General Fund at the close of each fiscal year to be distributed to certain funds; order of distribution.
(1) The unencumbered cash balance in the General Fund in the State Treasury at the close of each fiscal year shall be distributed to the Municipal Revolving Fund, the Working Cash-Stabilization Reserve Fund and the Capital Expense Fund in the manner provided in this section.
(2) (a) At the end of each fiscal year, the Director of the Department of Finance and Administration and the State Treasurer shall determine the extent of the unencumbered cash balance existing in the General Fund in the State Treasury.
(b) As used in this section, the term "unencumbered cash balance" or "unencumbered General Fund cash balance" means the amount in the State General Fund after deducting all appropriations and other expenditures. However, if the Legislature has authorized additional or deficit appropriations or transfers from the State General Fund for that fiscal year, those amounts shall be subtracted from the unencumbered cash balance in the General Fund before determining the amount available for distribution. The unencumbered General Fund cash balance shall not be determined until after August 31 of each year, and it shall not be made until the State Treasurer has received a certificate in writing from the Director of the Department of Finance and Administration, with notification to the Legislative Budget Office, showing the amount of the unencumbered General Fund cash balance.
(3) If any unencumbered General Fund cash balance is available for distribution under this section, the distribution of those funds shall be made by the Director of the Department of Finance and Administration in the following order:
(a) To the Municipal Revolving Fund, an amount not exceeding Seven Hundred Fifty Thousand Dollars ($750,000.00).
(b) To the Working Cash-Stabilization Reserve Fund, until such time as the balance in the fund reaches Forty Million Dollars ($40,000,000.00).
(c) To remain in the State General Fund, an amount not exceeding one percent (1%) of the General Fund appropriations for the fiscal year that the unencumbered General Fund cash balance represents.
(d) To the Working Cash-Stabilization Reserve Fund, fifty percent (50%) of the balance, not to exceed seven and one-half percent (7-1/2%) of the General Fund appropriations for the fiscal year that the unencumbered General Fund cash balance represents.
(e) To the Capital Expense Fund, any remaining amount of the balance.
(4) In fiscal year 2009, the provisions of this section shall not be applicable until the Working Cash-Stabilization Fund, created in Section 27-103-203, balance has reached a level of funding that is seven and one-half percent (7-1/2%) of the General Fund appropriations for such fiscal year.
Sources: Laws, 2008, ch. 455, § 1, eff from and after July 1, 2008.