(a) Any state agency for which an appropriation is made, may, without at the time furnishing vouchers and itemized statements, draw from that appropriation for use as a revolving fund any of the following:
(1) A sum not to exceed 3 percent of the total amount of the appropriation.
(2) With the approval of the Director of Finance, a sum in excess of 3 percent but not in excess of 10 percent of the total amount of the appropriation.
(3) With the approval of the Director of Finance and the Controller, a sum in excess of 10 percent of the total amount of the appropriation.
(b) With the approval of the Director of Finance, any deficiency or shortfall in a state agency’s revolving fund established pursuant to subdivision (a) may be replenished from an existing appropriation designated by the agency.
(Amended by Stats. 1994, Ch. 726, Sec. 17. Effective September 22, 1994.)
Last modified: October 25, 2018