Section 4-10-22-2 - Determination of excess reserves; presentation to budget committee If:
(1) the total amount of state reserves calculated by the office of management and budget exceeds:(A) eleven and five-tenths percent (11.5%) of the general revenue appropriations for the current state fiscal year, in the case of a calculation made in calendar year 2016; or(B) twelve and five-tenths percent (12.5%) of the general revenue appropriations for the current state fiscal year, in the case of a calculation made in 2017 and in an odd-numbered year thereafter; and(2) the accounts payable by the state at the end of the preceding state fiscal year are not unusually large as a percentage of the total amount of state reserves (as compared to recent history); the governor shall make a presentation to the state budget committee regarding the disposition of excess state reserves under section 3 of this chapter. The presentation must be made not later than September 30, 2016, not later than September 30, 2017, and not later than September 30 of each odd-numbered year thereafter.
Amended by P.L. 146-2016, SEC. 2, eff. 3/23/2016.Amended by P.L. 160-2012, SEC. 3, eff. 1/1/2013.Added by P.L. 229-2011, SEC. 44, eff. 1/1/2012.