§ 35-3-20.2. Supplemental state budget reserve account.
(a) There is hereby created within the general fund a supplemental state budget reserve account, which shall be administered by the state controller and which shall be used solely for the purpose of providing such sums as may be appropriated to fund any unanticipated general revenue deficit caused by a general revenue shortfall.
(b) At any time after the third quarter of a fiscal year that it is indicated that total resources which are defined to be the aggregate of estimated general revenue, general revenue receivables, and available free surplus in the general fund will be less than the estimates upon which current appropriations were based, the general assembly may make appropriations from the supplemental state budget reserve account for the difference between the estimated total resources and the original estimates upon which enacted appropriations were based, but only in the amount of the difference based upon the revenues projected at the latest state revenue estimating conference pursuant to chapter 16 of this title as reported by the chairperson of that conference.
(c) Whenever a transfer has been made pursuant to subsection (b), that transfer shall be considered as estimated general revenues for the purposes of determining the amount to be transferred to the Rhode Island capital plan fund for the purposes of § 35-3-20.1(b).
(d) The supplemental state budget reserve account shall consist of: (1) Such sums as the state may from time to time directly transfer to the account as authorized in law; and (2) Any amounts transferred pursuant to § 35-6-1(e).
History of Section.
P.L. 2023, ch. 79, art. 2, § 2, effective June 16, 2023.