Under current law, the general fund reserve is equal to 2.86% of the amount appropriated for expenditure from the general fund for the fiscal years 2020-21 and 2021-22 and 7.25% of the amount appropriated for the fiscal year 2022-23 and each fiscal year thereafter. The act increases the percentage used to determine the general fund reserve as follows:
- 13.4% for the fiscal year 2021-22; and
- 15% for the fiscal year 2022-23 and each fiscal year thereafter.
(Note: This summary applies to this bill as enacted.)