Joint Budget Committee. For the fiscal year 2018-19, and each fiscal year thereafter, the bill increases the statutorily required general fund reserve from 6.5% to 7.25% of the amount appropriated for expenditure from the general fund.
The bill also repeals the following exceptions from the definition of expenditure that is used to calculate the general fund reserve:
- Rental and other payments under a lease-purchase agreement for real property included in a separate, operating line item; and
- Money that the state controller credits from the general fund to the capital construction fund or to the principal of the controlled maintenance trust fund.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)