The bill amends Section 35-4-27 of the General Laws in Chapter 35-4, which pertains to "State Funds." It establishes that indirect cost recoveries of ten percent (10%) of cash receipts will be transferred from all restricted receipt accounts to be recorded as general revenues in the general fund, effective January 1, 2025. However, certain cash receipts are exempt from this transfer, including those received exclusively from nonprofit charitable organizations, federal grant funds, and specific transfers for debt service payments.

The bill adds the Workers' Compensation Administrative Fund to the list of restricted receipt accounts that are not subject to indirect cost recoveries. This change aims to ensure that funds related to workers' compensation remain available for their intended purposes. The act will take effect upon passage.

Statutes affected:
442: 35-4-27