The bill focuses on the management and allocation of funds within the Restricted Reserve Fund, granting the General Assembly the authority to determine appropriations for state agencies and outlining the procedures for transferring these funds. It emphasizes the need for prior approval from the Legislative Council or the Joint Budget Committee for any fund transfers, with a provision stating that if this approval requirement is found unconstitutional, certain sections of the law will be voided. The bill also details specific transfers to the Restricted Reserve Fund from various unobligated accounts and set-asides, ensuring that funds are designated for critical areas such as Medicaid, education, and economic development.

Furthermore, the bill introduces new provisions regarding appropriations, mandating that funds be allocated in accordance with existing laws, and establishes an emergency clause for the Act to take effect on July 1, 2025. This is intended to facilitate timely transfers that support state departments and institutions of higher education. Notably, it specifies that certain sections will take effect immediately upon passage to prevent delays in fund transfers and the administration of essential programs, thereby declaring an emergency situation that necessitates prompt implementation of these measures.

Statutes affected:
SB 636: 19-6-301, 19-5-202(b), 19-5-1263, 19-5-1263(c), 19-5-905(a)
Act 1017: 19-6-301, 19-5-202(b), 19-5-1263, 19-5-1263(c), 19-5-905(a)