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ROBERT L. EHRLICH, JR., Governor
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Ch. 51
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(b) The Revenue Stabilization Account is established to retain State revenues
for future needs and reduce the need for future tax increases by moderating revenue
growth.
(c) The Account is a continuing, nonlapsing fund which is not subject to §
7-302 of this subtitle.
(d) The Account consists of:
(1) moneys appropriated in the State budget to the Account; and
(2) interest or other income earned from the investment of any portion of
this Account or any other account in the State Reserve Fund.
(e) Except as provided in subsection (f) of this section, for each fiscal year:
(1) if the Account balance is below 3% of the estimated General Fund
revenues for that fiscal year, the Governor shall include in the budget bill an
appropriation to the Account equal to at least $100,000,000; and
(2) if the Account balance is at least 3% but less than [5%] 7.5% of the
estimated General Fund revenues for that fiscal year, the Governor shall include in
the budget bill an appropriation to the Account equal to at least the lesser of
$50,000,000 or whatever amount is required for the Account balance to exceed [5%]
7.5% of the estimated General Fund revenues for that fiscal year.
(f) The appropriations required by subsection (e) of this section are not
required when the Account balance exceeds [5%] 7.5% of the estimated General Fund
revenues.
(g) (1) [If] UNLESS THE TRANSFER WOULD RESULT IN AN ACCOUNT
BALANCE BELOW 5% OF THE ESTIMATED GENERAL FUND REVENUES FOR THE
FISCAL YEAR IN WHICH THE TRANSFER IS MADE, IF authorized by an act of the
General Assembly or specifically authorized in the State budget bill as enacted, the
Governor may transfer funds from the Account to General Fund revenues AS
NECESSARY TO SUPPORT THE OPERATION OF STATE GOVERNMENT ON A
TEMPORARY BASIS.
(2) IF THE TRANSFER WOULD RESULT IN AN ACCOUNT BALANCE BELOW
5% OF THE ESTIMATED GENERAL FUND REVENUES FOR THE FISCAL YEAR IN WHICH
THE TRANSFER IS MADE, THE GOVERNOR MAY TRANSFER FUNDS FROM THE
ACCOUNT TO GENERAL FUND REVENUES ONLY IF THE TRANSFER IS AUTHORIZED BY
AN ACT OF THE GENERAL ASSEMBLY OTHER THAN THE STATE BUDGET BILL.
(h) If the budget bill as submitted to the General Assembly includes a transfer
of funds from the Account pursuant to subsection (g) of this section, the budget bill as
enacted by the General Assembly may provide for a reduction of the amount of the
transfer from the Account by an amount up to the amount of the reductions made by
the General Assembly in the General Fund appropriations.
(i) Funds of the Account may only be transferred from the Account as
provided in this section and are not subject to transfer by budget amendment.
- 359 -
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