SB 601 - This act creates the "Education Stabilization Fund" in the state treasury, which shall consist of funds appropriated by the General Assembly. In any fiscal year in which actual revenues are less than the revenue estimates upon which appropriations were based, the Governor may, subject to appropriation, transfer from the Education Stabilization Fund to the foundation formula such moneys as are necessary to ensure the free public schools are funded as closely to the fully appropriated amount as practicable.
The balance in the fund at the close of any fiscal year shall not exceed ten percent of the appropriation to the foundation formula from the previous fiscal year. When the balance in the fund at the close of a fiscal year exceeds ten percent of the appropriation to the foundation formula from the previous fiscal year, the excess balance shall be transferred, subject to appropriation, to the General Revenue fund.
This act is identical to SB 587 (2023).
JOSH NORBERG