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 Tax Commissioner is now required 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 receipts, the Tax Commissioner will certify the greater of two calculated amounts to the Director of Administrative Services, who will then facilitate the transfer of funds from the General Fund to the Cash Reserve Fund. The bill outlines a specific schedule for these transfers and includes provisions to ensure that the balance in the Cash Reserve Fund does not exceed sixteen percent of the total budgeted General Fund expenditures.

Additionally, the bill introduces new language that allows for flexibility in exceeding the sixteen percent threshold if deemed necessary by the Legislature for budgetary requirements, such as capital construction projects or emergency responses. The original section 77-4602 is repealed, and the bill is declared to take effect immediately upon passage and approval due to the existence of an emergency.

Statutes affected:
Introduced: 77-4602