Bill No.: SF0124                  Drafter:  DKG

LSO No.:  09LSO-0341              Effective Date:  3/2/2009

Section 3:      6/30/2009

Enrolled Act No.:  SEA0028

Chapter No.:       98

Prime Sponsor:     Joint Appropriations Interim Committee

Catch Title:       Education reserve funding.

Subject:  School funding account balances and transfers.

Summary/Major Elements:

· Provides that at the end of each fiscal year, all unobligated, unencumbered funds in the school foundation program account in excess of $100 million shall be deposited into the school capital construction account.

· Provides that at the end of each fiscal biennium, all unobligated, unencumbered funds in the school capital construction account in excess of fifty percent of the amount of funds appropriated for school capital construction projects in that current fiscal biennium be deposited to the common school permanent land fund.

· Repeals the current provision (from last session's budget bill) which would have placed all unencumbered unobligated funds in the school foundation program account in excess of $100 million in the common school permanent land fund on June 30, 2010.