Senate Bill No. 492–Committee on Finance

 

CHAPTER..........

 

AN ACT relating to state financial administration; clarifying the provisions governing the transfer of money to the fund to stabilize the operation of the state government; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

 

   Section 1. NRS 353.288 is hereby amended to read as follows:

   353.288  1.  The fund to stabilize the operation of the state

 government is hereby created as a special revenue fund. Except as

 otherwise provided in subsections 2 and 3, each year after the close of the

 fiscal year and before the issuance of the controller’s annual report the

 state controller shall deposit to the credit of the fund [two-fifths of any

 revenue in the state general fund collected by the state for general,

 unrestricted uses, and not for special purposes, in excess of the amount

 necessary to:

   (a) Pay all appropriations made for the support of the state government

 for the fiscal year in which that revenue will be deposited in the fund; and

   (b) Attain the reserve required by NRS 353.213.] 40 percent of the

 unrestricted balance of the state general fund, as of the close of the

 fiscal year, which remains after subtracting an amount equal to 10

 percent of all appropriations made from the state general fund during

 that year for the operation of all departments, institutions and agencies

 of state government and for the funding of schools.

   2.  The balance in the fund must not exceed 10 percent of the total of

 all appropriations from the state general fund for the operation of all

 departments, institutions and agencies of the state government and for the

 funding of schools and authorized expenditures from the state general

 fund for the regulation of gaming for the fiscal year in which that revenue

 will be deposited in the fund.

   3.  Except as otherwise provided in this subsection and NRS 353.2735,

 beginning with the fiscal year that begins on July 1, 1999, the state

 controller shall, at the end of each quarter of a fiscal year, transfer from

 the state general fund to the disaster relief fund created pursuant to NRS

 353.2735 an amount equal to one-half of the interest earned on money in

 the fund to stabilize the operation of state government during the previous

 quarter. The state controller shall not transfer more than $500,000 for any

 quarter pursuant to this subsection.

   4.  Money from the fund to stabilize the operation of the state

 government may be appropriated only:

   (a) If the total actual revenue of the state falls short by 5 percent or

 more of the total anticipated revenue for the biennium in which the

 appropriation is made; or

   (b) If the legislature and the governor declare that a fiscal emergency

 exists.

   Sec. 2.  The amendatory provisions of section 1 of this act:

   1.  Are intended to clarify the original intent of the legislature when it

 enacted and subsequently amended NRS 353.288; and

   2.  Apply retroactively to the deposit required for fiscal year 1999-2000.

   Sec. 3.  This act becomes effective upon passage and approval.

 

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