BSF WITHDRAWAL S.B. 438: FLOOR ANALYSIS






Senate Bill 438 (as reported with amendment) (as enrolled)
Sponsor: Senator Mike Prusi
Committee: Appropriations

CONTENT
The bill would amend Sec. 353c of the Management and Budget Act to provide for a transfer from the Counter-Cyclical Budget and Economic Stabilization Fund (Fund) to the General Fund of $81.3 million at the close of fiscal year (FY) 2004-05. This transfer was part of an overall comprehensive proposal adopted by the Legislature in March 2005 to eliminate a projected FY 2004-05 General Fund/General Purpose budget deficit.


MCL 18.1353c

FISCAL IMPACT
As part of the FY 2003-04 final budget book-closing, $81.3 million was transferred to the Fund. Senate Bill 438 would transfer this amount to the General Fund. This transfer would leave approximately $2.4 million of interest earnings in the Fund as of September 30, 2005.


Date Completed: 5-5-05 Fiscal Analyst: Gary Olson

Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb438/0506