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SB21-227

State Emergency Reserve

Concerning the state emergency reserve, and, in connection therewith, designating the state emergency reserve for the 2021-22 state fiscal year, creating the state emergency reserve cash fund, and requiring reimbursements for expenditures from a fund that is designated as part of the state emergency reserve to be returned to the fund.
Session:
2021 Regular Session
Subject:
State Revenue & Budget
Bill Summary

Joint Budget Committee. Under the Taxpayer's Bill of Rights and the implementing legislation, the state is required to maintain an emergency reserve to be used for declared emergencies (state emergency reserve). The state may use the state emergency reserve for declared emergencies only.Section 1 of the bill designates the cash and capital asset that constitute the state emergency reserve for the 2021-22 fiscal year.Section 2 creates the state emergency reserve cash fund (fund) to be some or all of the state emergency reserve. On June 30, 2021, the state treasurer is required to transfer $101 million from the general fund and $100 million from the controlled maintenance trust fund to the fund.

If money from any fund that is designated as part of the state emergency reserve is expended for a declared emergency and the state subsequently receives reimbursement for the expenditure, then the bill requires the state treasurer to deposit the reimbursement into the fund that was the source for the expenditure.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    04/29/2021 Signed Act PDF
    04/20/2021 Final Act PDF
    04/15/2021 Rerevised PDF
    04/14/2021 Revised PDF
    04/09/2021 Reengrossed PDF
    04/08/2021 Engrossed PDF
    04/05/2021 Introduced PDF