Cash Fund Solvency
The act creates the cash fund solvency fund from which the state controller may transfer money to another cash fund for which it is anticipated that there will be a cash deficit. Thereafter, the state controller is required to transfer the same amount of money from the cash fund back to the cash fund solvency fund in one or more installments, which may be over multiple fiscal years. The state controller is required to annually report to the joint budget committee and the office of state planning and budgeting about any transfers made.
The act also requires the state treasurer to transfer to the marijuana cash fund $1,805,317 from the marijuana tax cash fund and $1,200,000 from the general fund.
(Note: This summary applies to this bill as enacted.)