Reduce The General Fund Reserve
Under current law, the general fund reserve requirement is equal to 7.25% of the amount appropriated for expenditure from the general fund for the fiscal year. The act reduces the percentage used to determine the general fund reserve as follows:
- 3.07% for fiscal year 2019-20; and
- 2.86% for fiscal years 2020-21 and 2021-22.
(Note: This summary applies to this bill as enacted.)