§ 35-3-20.1 Limitation on state spending.– (a) For the fiscal year ending June 30, 2009, no appropriation, supplementalappropriation, or budget act shall cause the aggregate state general revenueappropriations enacted for the fiscal year to exceed ninety-seven and eighttenths of one percent (97.8%) of the estimated state general revenues for thefiscal year from all sources, including estimated unencumbered general revenuesnot continued or reappropriated to the new fiscal year remaining at the end ofthe previous fiscal year. Estimated unencumbered general revenues arecalculated by taking the estimated general revenue cash balance at the end ofthe fiscal year less estimated revenue anticipation bonds or notes, estimatedgeneral revenue encumbrances, estimated continuing general revenueappropriations, and the amount of the budget reserve and cash stabilizationaccount at the end of the fiscal year. The amount of the general revenueestimate and estimated unencumbered general revenue remaining shall bedetermined by the state controller and approved by the auditor general inconformance with accounting procedures currently in use. The excess of anyunencumbered general revenue shall be determined by subtracting from the actualunencumbered general revenues at the end of any fiscal year an amount whichtogether with the latest estimated general revenues is necessary to fund theensuing fiscal year's general revenue budget, including the required estimatedgeneral revenue supplemental and annual appropriations. Provided further, theapplicable percentage shall decrease by two-tenths of one percent (.2%) for thesucceeding four (4) fiscal years as follows:
Fiscal year ending June 30, 2010 97.6%
Fiscal year ending June 30, 2011 97.4%
Fiscal year ending June 30, 2012 97.2%
Fiscal years ending June 30, 2013 and thereafter 97.0%
(b) The amount between the applicable percentage insubsection (a) and one hundred percent (100%) of the estimated state generalfund revenue for any fiscal year as estimated in accordance with subsection (a)shall be appropriated in any given fiscal year into the budget reserve and cashstabilization account; provided, that for the fiscal year ending June 30, 2009,no payment will be made which would increase the total of the budget reserveand cash stabilization account to more than three and four-tenths of onepercent (3.4%) of only the estimated state general fund revenues as set bysubsection (a). In the event that the payment to be made into the budgetreserve and cash stabilization account would increase the amount in the accountto more than three and four-tenths of one percent (3.4%) of estimated stategeneral revenues, the amount shall be transferred to the Rhode Island CapitalPlan fund, to be used solely for capital projects. Provided further theapplicable percentage shall increase by four-tenths of one percent (.4%) forthe four (4) succeeding fiscal years as follows:
Fiscal year ending June 30, 2010 3.8%
Fiscal year ending June 30, 2011 4.2%
Fiscal year ending June 30, 2012 4.6%
Fiscal years ending June 30, 2013 and thereafter 5.0%
However, there shall be no expenditures of money under thissection without passage of a specific appropriation by the general assembly.
(c) Within forty-five (45) days after the close of any fiscalyear, all unencumbered general revenue in the year end surplus account from thefiscal year shall be transferred to the general fund.
§ 35-3-20.1 Limitation on state spending.– (a) For the fiscal year ending June 30, 2009, no appropriation, supplementalappropriation, or budget act shall cause the aggregate state general revenueappropriations enacted for the fiscal year to exceed ninety-seven and eighttenths of one percent (97.8%) of the estimated state general revenues for thefiscal year from all sources, including estimated unencumbered general revenuesnot continued or reappropriated to the new fiscal year remaining at the end ofthe previous fiscal year. Estimated unencumbered general revenues arecalculated by taking the estimated general revenue cash balance at the end ofthe fiscal year less estimated revenue anticipation bonds or notes, estimatedgeneral revenue encumbrances, estimated continuing general revenueappropriations, and the amount of the budget reserve and cash stabilizationaccount at the end of the fiscal year. The amount of the general revenueestimate and estimated unencumbered general revenue remaining shall bedetermined by the state controller and approved by the auditor general inconformance with accounting procedures currently in use. The excess of anyunencumbered general revenue shall be determined by subtracting from the actualunencumbered general revenues at the end of any fiscal year an amount whichtogether with the latest estimated general revenues is necessary to fund theensuing fiscal year's general revenue budget, including the required estimatedgeneral revenue supplemental and annual appropriations. Provided further, theapplicable percentage shall decrease by two-tenths of one percent (.2%) for thesucceeding four (4) fiscal years as follows:
Fiscal year ending June 30, 2010 97.6%
Fiscal year ending June 30, 2011 97.4%
Fiscal year ending June 30, 2012 97.2%
Fiscal years ending June 30, 2013 and thereafter 97.0%
(b) The amount between the applicable percentage insubsection (a) and one hundred percent (100%) of the estimated state generalfund revenue for any fiscal year as estimated in accordance with subsection (a)shall be appropriated in any given fiscal year into the budget reserve and cashstabilization account; provided, that for the fiscal year ending June 30, 2009,no payment will be made which would increase the total of the budget reserveand cash stabilization account to more than three and four-tenths of onepercent (3.4%) of only the estimated state general fund revenues as set bysubsection (a). In the event that the payment to be made into the budgetreserve and cash stabilization account would increase the amount in the accountto more than three and four-tenths of one percent (3.4%) of estimated stategeneral revenues, the amount shall be transferred to the Rhode Island CapitalPlan fund, to be used solely for capital projects. Provided further theapplicable percentage shall increase by four-tenths of one percent (.4%) forthe four (4) succeeding fiscal years as follows:
Fiscal year ending June 30, 2010 3.8%
Fiscal year ending June 30, 2011 4.2%
Fiscal year ending June 30, 2012 4.6%
Fiscal years ending June 30, 2013 and thereafter 5.0%
However, there shall be no expenditures of money under thissection without passage of a specific appropriation by the general assembly.
(c) Within forty-five (45) days after the close of any fiscalyear, all unencumbered general revenue in the year end surplus account from thefiscal year shall be transferred to the general fund.
§ 35-3-20.1 Limitation on state spending.– (a) For the fiscal year ending June 30, 2009, no appropriation, supplementalappropriation, or budget act shall cause the aggregate state general revenueappropriations enacted for the fiscal year to exceed ninety-seven and eighttenths of one percent (97.8%) of the estimated state general revenues for thefiscal year from all sources, including estimated unencumbered general revenuesnot continued or reappropriated to the new fiscal year remaining at the end ofthe previous fiscal year. Estimated unencumbered general revenues arecalculated by taking the estimated general revenue cash balance at the end ofthe fiscal year less estimated revenue anticipation bonds or notes, estimatedgeneral revenue encumbrances, estimated continuing general revenueappropriations, and the amount of the budget reserve and cash stabilizationaccount at the end of the fiscal year. The amount of the general revenueestimate and estimated unencumbered general revenue remaining shall bedetermined by the state controller and approved by the auditor general inconformance with accounting procedures currently in use. The excess of anyunencumbered general revenue shall be determined by subtracting from the actualunencumbered general revenues at the end of any fiscal year an amount whichtogether with the latest estimated general revenues is necessary to fund theensuing fiscal year's general revenue budget, including the required estimatedgeneral revenue supplemental and annual appropriations. Provided further, theapplicable percentage shall decrease by two-tenths of one percent (.2%) for thesucceeding four (4) fiscal years as follows:
Fiscal year ending June 30, 2010 97.6%
Fiscal year ending June 30, 2011 97.4%
Fiscal year ending June 30, 2012 97.2%
Fiscal years ending June 30, 2013 and thereafter 97.0%
(b) The amount between the applicable percentage insubsection (a) and one hundred percent (100%) of the estimated state generalfund revenue for any fiscal year as estimated in accordance with subsection (a)shall be appropriated in any given fiscal year into the budget reserve and cashstabilization account; provided, that for the fiscal year ending June 30, 2009,no payment will be made which would increase the total of the budget reserveand cash stabilization account to more than three and four-tenths of onepercent (3.4%) of only the estimated state general fund revenues as set bysubsection (a). In the event that the payment to be made into the budgetreserve and cash stabilization account would increase the amount in the accountto more than three and four-tenths of one percent (3.4%) of estimated stategeneral revenues, the amount shall be transferred to the Rhode Island CapitalPlan fund, to be used solely for capital projects. Provided further theapplicable percentage shall increase by four-tenths of one percent (.4%) forthe four (4) succeeding fiscal years as follows:
Fiscal year ending June 30, 2010 3.8%
Fiscal year ending June 30, 2011 4.2%
Fiscal year ending June 30, 2012 4.6%
Fiscal years ending June 30, 2013 and thereafter 5.0%
However, there shall be no expenditures of money under thissection without passage of a specific appropriation by the general assembly.
(c) Within forty-five (45) days after the close of any fiscalyear, all unencumbered general revenue in the year end surplus account from thefiscal year shall be transferred to the general fund.
