(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "General Revenue Allotment Reserve Fund".
(b) Unless otherwise provided by law, the General Revenue Allotment Reserve Fund shall consist of:
(1) The remainder of the general revenues collected by the state after deductions as specified in § 19-5-202 have been made and which are not required to fulfill the requirements of the maximum allotments of general revenues as may be provided in the Revenue Stabilization Law, § 19-5-101 et seq., for the fiscal year in which the general revenues were collected and deposited into the State Treasury; and
(2) The portion not determined to be special revenues by § 19-6-110 of the year-end fund balances of the funds and fund accounts created in § 19-5-302, except for § 19-5-302(11)(A), and in §§ 19-5-304(2)-(7), and (10), 19-5-306, 19-5-307, 19-6-404, and 19-6-411, which fund balances are to be transferred on or before August 15 of the fiscal year next following the fiscal year during which balances accrued.
(c) Any funds that remain in the Vocational-Technical Schools Fund Account or the fund accounts created in § 19-5-304(8) at the end of a fiscal year due to the provisions of this section shall be transferred by the Chief Fiscal Officer of the State to the General Improvement Fund or its successor fund or fund accounts, there to be used exclusively to provide additional funding for appropriations for the applicable vocational and technical schools, technical institutes, or comprehensive lifelong learning centers, that are made payable from the General Improvement Fund or its successor fund or fund accounts.
(d) However, any funds that remain in the General Revenue Allotment Reserve Fund or in the funds or fund accounts subject to the provisions of this section that have been reappropriated by the General Assembly may be carried forward from one (1) fiscal year to the next, in such amounts that do not exceed the actual remaining balance of available appropriation as certified by the Chief Fiscal Officer of the State.
(e) The General Revenue Allotment Reserve Fund shall be used for such purposes as may be authorized by law.
Section: Previous 19-5-1002 19-5-1003 19-5-1004 19-5-1005 19-5-1006 19-5-1007 19-5-1008 19-5-1009 19-5-1010 19-5-1011 19-5-1013 19-5-1015 19-5-1016 19-5-1017 NextLast modified: November 15, 2016