State of South Dakota
LEGISLATIVE ASSEMBLY, 2019
||SENATE BILL NO. 103 |
Introduced by: Senators Novstrup, Maher, Schoenbeck, Stalzer, and Wismer and Representatives Perry, Brunner, Chase, McCleerey, and Smith (Jamie)
FOR AN ACT ENTITLED, An Act to provide for an annual transfer of certain unobligated state general funds into the local bridge improvement grant fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 4-7-32 be amended to read:
4-7-32. On July first of each fiscal year or at such time that the prior fiscal year general fund ending unobligated cash balance is determined, the commissioner of the Bureau of Finance and Management shall transfer all prior year unobligated cash up to an amount equal to ten percent of the general fund appropriations from the general appropriation act for the prior fiscal year as follows:
(1) Seventy-five percent of the unobligated cash into the budget reserve fund; and
(2) Twenty-five percent of the unobligated cash into the local bridge improvement grant fund created by § 32-11-38.
In no event shall the cash balance in the budget reserve fund be greater than ten percent of the general fund appropriations from the general appropriation act for the prior fiscal year.
Expenditures out of the budget reserve fund shall only be by special appropriation of the
Legislature and shall only redress such unforeseen expenditure obligations or such unforeseen revenue shortfalls as may constitute an emergency pursuant to S.D. Const., Art. III, § 1.