The bill proposes an appropriation for state turnback funds to be distributed to counties and municipalities by the Office of the Treasurer of State for the fiscal year ending June 30, 2025. It includes specific allocations from the Municipal Aid Fund and County Aid Fund, with a total of $29,372,099 for general revenues to cities, $215,000,000 for special revenues to cities, $21,428,616 for general revenues to counties, and $230,000,000 for special revenues to counties. Additionally, it allocates $15,000,000 for unanticipated special revenues to counties and $10,000,000 for cities, along with $300,000,000 for property tax relief to counties and $2,000,000 each for counties and cities from the Property Tax Relief Trust Fund.

The bill also includes provisions for loans to cities and counties to assist with cash flow needs, with specific amounts designated for each fund. It establishes a framework for carrying forward unexpended funds and ensures compliance with various fiscal control laws. Notably, the bill contains an emergency clause, stating that its effectiveness on July 1, 2024, is essential for the operation of the agency involved, thereby allowing for immediate implementation. The bill also repeals certain outdated provisions and updates the responsibilities of counties regarding funding for deputy prosecuting attorneys, effective July 1, 2024.