HB 1873

1
A bill to be entitled
2An act relating to the Budget Stabilization Fund; amending
3s. 215.32, F.S.; authorizing prepayments of transfers to
4the Budget Stabilization Fund; providing an effective
5date.
6
7Be It Enacted by the Legislature of the State of Florida:
8
9     Section 1.  Paragraph (c) of subsection (2) of section
10215.32, Florida Statutes, is amended to read:
11     215.32  State funds; segregation.--
12     (2)  The source and use of each of these funds shall be as
13follows:
14     (c)1.  The Budget Stabilization Fund shall consist of
15amounts equal to at least 5 percent of net revenue collections
16for the General Revenue Fund during the last completed fiscal
17year. The Budget Stabilization Fund's principal balance shall
18not exceed an amount equal to 10 percent of the last completed
19fiscal year's net revenue collections for the General Revenue
20Fund. As used in this paragraph, the term "last completed fiscal
21year" means the most recently completed fiscal year prior to the
22regular legislative session at which the Legislature considers
23the General Appropriations Act for the year in which the
24transfer to the Budget Stabilization Fund must be made under
25this paragraph.
26     2.  By September 15 of each year, the Governor shall
27authorize the Chief Financial Officer to transfer, and the Chief
28Financial Officer shall transfer pursuant to appropriations made
29by law, to the Budget Stabilization Fund the amount of money
30needed for the balance of that fund to equal the amount
31specified in subparagraph 1., less any amounts expended and not
32restored. The moneys needed for this transfer may be
33appropriated by the Legislature from any funds.
34     3.  Unless otherwise provided in this subparagraph, an
35expenditure from the Budget Stabilization Fund must be restored
36pursuant to a restoration schedule that provides for making five
37equal annual transfers from the General Revenue Fund, beginning
38in the fiscal year following that in which the expenditure was
39made. For any Budget Stabilization Fund expenditure, the
40Legislature may establish by law a different restoration
41schedule and such change may be made at any time during the
42restoration period. Moneys are hereby appropriated for transfers
43pursuant to this subparagraph.
44     4.  The Budget Stabilization Fund and the Working Capital
45Fund may be used as revolving funds for transfers as provided in
46s. 17.61; however, any interest earned must be deposited in the
47General Revenue Fund.
48     5.  The Chief Financial Officer and the Department of
49Management Services shall transfer funds to water management
50districts to pay eligible water management district employees
51for all benefits due under s. 373.6065, as long as funds remain
52available for the program described under s. 100.152.
53     6.  The Legislature may prepay amounts into the Budget
54Stabilization Fund as authorized in a general appropriations
55act. The prepayment may constitute all or a part of the amount
56estimated to be due in a specifically designated subsequent
57year. If the prepaid amount does not equal the minimum transfer
58required as determined in subparagraph 2., additional
59appropriations must be made by law to ensure that the full
60transfer is made.
61     Section 2.  This act shall take effect July 1, 2004.


CODING: Words stricken are deletions; words underlined are additions.