Bill Summary for S 608 (2019-2020)
|View NCGA Bill Details||2019-2020 Session|
AN ACT TO TRANSFER FUNDS FROM THE SAVINGS RESERVE TO THE HIGHWAY FUND TO BE USED BY THE DEPARTMENT OF TRANSPORTATION FOR CASH FLOW NEEDS RELATED TO DISASTER RELIEF.Intro. by Rabon, Harrington, J. Davis.
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Requires the State Controller to transfer $301 million for 2018-19 year from the Savings Reserve to the Highway Fund and appropriate those funds to the General Maintenance Reserve to be used by the Department of Transportation (DOT) for costs related to disaster relief.
Requires DOT to ensure that funds transferred in this act are expended in a manner that does not adversely affect DOT's eligibility for federal funds that are made available or are anticipated to be made available as a result of the disaster.
Requires DOT to transfer to the Office of the State Controller any funds received from the federal government as reimbursement for funds expended above and requires that funds transferred above that remain unspent or unencumbered as of June 30, 2021, to revert to the Savings Reserve. Requires the transferred funds to be fully restored to the Savings Reserve by June 30, 2021.
Requires DOT to report by July 15, 2021, the Department on its use of the transferred funds to the chairs of the Senate Appropriations/Base Budget Committee and the House of Representatives Committee on Appropriations and the Fiscal Research Division.