House Bill No. by Representative McFarland introduces new provisions for the management and allocation of treasury funds in Louisiana. It empowers the state treasurer to transfer funds from the State General Fund and other sources to various accounts, including the newly established Modernization and Security Fund, Louisiana Economic Development Initiatives Fund, and Local Infrastructure Fund, alongside existing funds like the Budget Stabilization Fund and Oilfield Site Restoration Fund. The bill sets forth guidelines for fund usage, focusing on transportation infrastructure, higher education revitalization, and economic development initiatives, while also modifying thresholds for appropriations from the Revenue Stabilization Trust Fund for the fiscal year 2025-2026.

Furthermore, the bill allows the state treasurer to transfer unobligated balances to the Water Sector Fund, overriding conflicting laws, and permits appropriations from the Revenue Stabilization Trust Fund to address emergencies in Louisiana for the same fiscal year. It specifies effective dates for the bill's provisions, with most sections taking effect upon the governor's signature or after the designated period for bills to become law without signature. If vetoed and later approved by the legislature, those sections will take effect the day after approval, while one section is set to take effect on July 1, 2025.

Statutes affected:
HB461 Original:
HB461 Engrossed: