Senate amendment #2 makes the following changes to 2nd edition. Deletes the transfer of $4.7 million from the Cap University Cancer Research Fund to the General Fund. Also amends the following transfers to the General Fund: (1) changes the $1 million transfer from the Industrial Commission from over-realized receipts to the IT Projects Fund, (2) deletes transfer from the General Assembly Reserve, and (3) deletes the transfer from the Department of Insurance Reserve. Makes conforming changes to the availability amounts and balance remaining. Adds a new section stating that effective June 30, 2011, specified amounts from the General Assembly Reserve and the Department of Insurance Reserves are reverted to the General Fund (these are the same amounts that were transferred to the General Fund in the previous edition of the bill). Provides that GS 143C-1-2(b) (concerning the reversion of unencumbered balances) does not apply to the reversion from the General Assembly Reserve. Adds a new section amending Section 14.15 of SL 2009-451 (concerning transfer from the Industrial Commission IT Fund) to provide that for the 2010-11 fiscal year, the Industrial Commission may retain all overrealized receipts (was, may retain the additional revenue generated as a result of an increase in the fee charged to parties filing compromised settlements). Also deletes the provision prohibiting the Industrial Commission from retaining any fees under the section unless they exceed the former $200 fee charged for filing a compromised settlement. Makes technical changes.
Summary date: Feb 7 2011 - View summary
Summary date: Feb 2 2011 - View summary
Senate committee substitute makes the following changes to 1st edition.
Clarifies that the Governor is authorized to reduce General Fund expenditures for the remainder of the 2010-11 fiscal year with a goal of reducing recurring spending by at least $400 million.
Adds a section, amending Section 2.2(a) of SL 2010-31 (Appropriations Act of 2010), to make various adjustments to General Fund availability. Adds a list of various budget fund transfers to the General Fund, and revises the General Fund availability and remaining balance accordingly.
Transfers specified funds from Golden Leaf, Inc., the Health and Wellness Trust Fund, and the Tobacco Trust Fund to support General Fund appropriations for the 2010-11 fiscal year. Establishes a General Fund account in the Settlement Reserve Fund. Directs the Controller to transfer all funds in the General Account Fund to the General Fund.
Summary date: Jan 31 2011 - View summary
Authorizes the Governor (Director of the Budget) to take necessary actions to reduce General Fund expenditures for the remainder of the 2010-11 fiscal year with a goal of reducing spending by at least $400 million. Authority includes exercising the powers to balance the budget granted to the Governor under Article II, Section 5, of the State Constitution. Applies only to fiscal year 2010-11.