The bill creates the revenue loss restoration cash fund (fund). The state treasurer is required to transfer $1 billion from the "American Rescue Plan Act of 2021" cash fund to the fund. This amount represents a portion of the money that the state receives from the federal coronavirus state fiscal recovery fund that represents the state's revenue loss as calculated under United States department of treasury guidelines.
The general assembly may appropriate or transfer money from the fund to a department for the provision of government services, including kindergarten through twelfth grade public education, housing, state employees, asset maintenance, seniors, criminal justice, state parks, agriculture, and transportation infrastructure. On and after January 1, 2022, the general assembly may only appropriate money from the fund through the annual general appropriation act or a supplemental appropriation act.
The bill allocates the money over 3 fiscal years, as follows:
- $357 million for the fiscal year 2021-22;
- $333 million for the fiscal year 2022-23; and
- $310 million for the fiscal year 2023-24.
(Note: This summary applies to this bill as introduced.)