05 LC 28
2342
Senate
Bill 296
By: Senators Golden of the 8th, Hooks of the 14th and Stoner of the 6th
By: Senators Golden of the 8th, Hooks of the 14th and Stoner of the 6th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 45_12_93 of the Official Code of Georgia Annotated, relating
to revenue shortfall reserve, so as to increase the amount of funds that may be
set aside in the revenue shortfall reserve account; to provide for related
matters; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 45_12_93 of the Official Code of Georgia Annotated, relating to revenue
shortfall reserve, is amended by striking subsection (a) and inserting in lieu
thereof a new subsection (a) to read as follows:
"(a)
As of June 30 of each fiscal year, the state auditor shall reserve from the
state surplus an amount equal to not less than 3 nor more than
5
10
percent, as directed by the director of the budget, of the net revenue
collections of such fiscal year, to the extent that such surplus is available
therefor. This reserve shall be entitled the revenue shortfall reserve and
shall be in lieu of the working reserve for high_income and low_income periods;
provided, however, that the director of the budget may, with regard to all or
any part of the fourth
and
fifth
through
tenth percentile so reserved, direct the
return of the same to the general fund of the state treasury for appropriation
according to
law."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.