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State of South Dakota
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NINETY-FOURTH SESSION LEGISLATIVE ASSEMBLY, 2019 |
| 596B0616 | SENATE APPROPRIATIONS ENGROSSED NO. SB 116 - 2/21/2019 |
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Introduced by: Senators Nesiba and Kennedy and Representatives Ring, Healy, Lesmeister,
and Smith (Jamie)
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FOR AN ACT ENTITLED, An Act to provide for an annual transfer of certain unobligated state
general funds for the purpose of funding needs-based grants.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: Section 1. That § 4-7-31 be amended to read:
4-7-31. There is hereby established within the state treasury the budget reserve fund. Expenditures from the budget reserve fund may occur only by special appropriation of the Legislature and only to redress unforeseen expenditure obligations or unforeseen revenue shortfalls, as may constitute an emergency pursuant to S.D. Const., Art. III, § 1.
Section 2. That § 4-7-32 be amended to read:
4-7-32. On July first of each fiscal year, or at such timethat as 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 into the budget reserve fund. In no event shall the cash balance in the budget reserve fund
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: Section 1. That § 4-7-31 be amended to read:
4-7-31. There is hereby established within the state treasury the budget reserve fund. Expenditures from the budget reserve fund may occur only by special appropriation of the Legislature and only to redress unforeseen expenditure obligations or unforeseen revenue shortfalls, as may constitute an emergency pursuant to S.D. Const., Art. III, § 1.
Section 2. That § 4-7-32 be amended to read:
4-7-32. On July first of each fiscal year, or at such time
be greater than ten percent of the general fund appropriations from the general appropriation act
for the prior fiscal year.
(1) If the combined cash balance of the budget reserve fund and the general revenue
replacement fund is less than ten percent of the General Appropriations Act for the
prior year, an amount of unobligated cash shall be transferred to the budget reserve
fund, so that the combined cash balance of the funds equals ten percent of the
General Appropriations Act for the prior year;
(2) If any unobligated cash balance remains after the requirements of subdivision (1) are
met, the commissioner of the Bureau of Finance and Management shall transfer one
dollar into the education enhancement trust fund created pursuant to S.D. Const., Art.
XII, § 6 to allow the funds to be invested to fund the needs-based grants as provided
in chapter 13-55A;
(3) If any unobligated cash balance remains after the requirements of subdivision (2) are
met, the commissioner of the Bureau of Finance and Management shall transfer any
unobligated cash remaining into the budget reserve fund if the amount in the budget
reserve fund does not exceed fifteen percent of the general fund appropriations in the
General Appropriations Act for the prior fiscal year;
(4) If any unobligated cash balance remains after the requirements of subdivision (3) are
met, the commissioner of the Bureau of Finance and Management shall transfer the
remaining amount into the general revenue replacement fund .
Section 3. That § 4-7-39 be repealed.
4-7-39. The commissioner of the Bureau of Finance and Management shall transfer any
unobligated cash remaining after the transfer into the budget reserve fund as required by § 4-7-32 into the general revenue replacement fund if the amount in the general revenue replacement
fund does not exceed fifteen percent of the general fund appropriations in the General
Appropriations Act for the previous fiscal year.
Section 3. That § 4-7-39 be repealed.
