Public Finance

State Budget

SECTION 35-3-23

§ 35-3-23. Interfund transfers.

(a) The governor may make an interfund transfer. Prior to making an interfund transfer the governor shall give five (5) days written notification of the proposed interfund transfer to the speaker of the house, the president of the senate, the chairperson of the house finance committee, the chairperson of the senate finance committee, the minority leader of the senate, and the minority leader of the house.

(b) An interfund transfer must comply with this section. An interfund transfer can be made under the following circumstances and on the following conditions:

(1) The governor must make the findings that:

(i) All cash in the general fund, including the payroll clearing account, has been or is about to be exhausted;

(ii) The anticipated cash expenditures exceed the anticipated cash available.

(2) The governor may make an interfund transfer to the general fund from the:

(i) Temporary disability fund created in § 28-39-4;

(ii) Intermodal surface transportation fund created in § 35-4-11; and/or

(iii) Tobacco settlement financing trust fund created in § 42-133-9.

(3) Once in each fiscal quarter from each fund the governor may make an interfund transfer. The fund(s) from which money is transferred must be made whole by June 30th in the same fiscal year as the transfer is made.

(4) The interfund transfer may be made notwithstanding the provisions of §§ 28-37-3 and 28-39-4.

History of Section.
(P.L. 1991, ch. 1, § 1; P.L. 1993, ch. 138, art. 12, § 1; P.L. 2001, ch. 180, § 70; P.L. 2002, ch. 65, art. 8, § 2; P.L. 2009, ch. 5, art. 2, § 1; P.L. 2009, ch. 68, art. 2, § 2; P.L. 2011, ch. 363, § 21.)