This bill amends section 77-4602 of the Revised Statutes Cumulative Supplement, 2024, to modify the procedures for transferring General Fund net receipts to the Cash Reserve Fund. The new provisions require the Tax Commissioner to determine the difference between actual and estimated General Fund net receipts for the most recently completed fiscal year, as well as a calculation based on the annual percentage increase in net receipts compared to the average increase over the previous twenty years. If the difference is positive, the Tax Commissioner must certify the greater of the two calculated amounts to the Director of Administrative Services, who will then facilitate the transfer from the General Fund to the Cash Reserve Fund.

Additionally, the bill stipulates that if the transfer causes the Cash Reserve Fund balance to exceed sixteen percent of the total budgeted General Fund expenditures, the transfer will be adjusted accordingly. It also allows for the balance to exceed this threshold if deemed necessary by the Legislature for budgetary preparations, including capital construction projects and emergency responses. The original section 77-4602 is repealed, and the bill is declared to take effect immediately upon passage due to the existence of an emergency.

Statutes affected:
Introduced: 77-4602