| Summary |
Joint Budget Committee. Under current law, all unappropriated
balances in the capital construction fund (fund) and in the information
technology capital account, a special account within the fund, (IT
subaccount) at the close of any fiscal year must remain in the fund or the
IT subaccount, respectively, and do not revert to the general fund.
Additionally, all unexpended or unencumbered money from an
appropriation from the fund or the IT subaccount to a state agency or state
institution of higher education reverts to the fund or the IT subaccount,
as applicable, at the end of the period for which the money is
appropriated.
For state fiscal years commencing on or after July 1, 2025, the bill
requires that the state treasurer transfer any unappropriated balances in
the fund or the IT subaccount or any otherwise unexpended and
unencumbered money remaining in the fund or the IT subaccount at the
end of a fiscal year to the general fund. Further, the bill requires that, for
state fiscal years commencing on or after July 1, 2025, all unexpended or
unencumbered money from an appropriation from the fund or the IT
subaccount to a state agency or state institution of higher education
reverts to the general fund at the end of the period for which the money
is appropriated.
The bill also requires that the following transfers be made by the
state treasurer on July 1, 2025:
•
$129,498,033 from the general fund to the fund;
•
$500,000 from the general fund exempt account of the
general fund to the fund;
•
$20,557,433 from the general fund to the IT subaccount;
and
•
$3,230,000 from the marijuana tax cash fund to the IT
subaccount.
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