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