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 actual General Fund net receipts for the most recently completed fiscal year and compare them to the estimated receipts. If the actual receipts exceed the estimated amount, the Tax Commissioner must certify the greater of two calculated amounts to the Director of Administrative Services, who will then facilitate the transfer of funds to the Cash Reserve Fund. The bill outlines a specific transfer schedule and conditions under which the transfer may be adjusted to ensure the Cash Reserve Fund does not exceed sixteen percent of total budgeted General Fund expenditures.

Additionally, the bill repeals the original section 77-4602, which contained previous provisions regarding the transfer of excess receipts to the Cash Reserve Fund. The new language introduces a more detailed calculation process and allows for flexibility in managing the Cash Reserve Fund in response to budgetary needs, including emergencies and capital projects. The act is declared to take effect immediately upon passage and approval, citing the existence of an emergency.

Statutes affected:
Introduced: 77-4602