SB1521: Revenue reserves; deposits, withdrawals, and budgetary amendments.

Legislative Summary

Revenue reserves and budgetary amendments. Increases the maximum combined amount in the Revenue Stabilization Fund and the Revenue Reserve Fund from 15 percent to 20 percent of the Commonwealth's average annual tax revenues derived from taxes on income and retail sales for the preceding three years. The bill also increases from five percent to eight percent the estimated amount of general fund revenues that exceed the actual general fund revenues for the immediately preceding fiscal year to trigger additional deposits to the Revenue Stabilization Fund that shall be included in the Governor's budget recommendations. Revenue reserves and budgetary amendments. Increases the maximum combined amount in the Revenue Stabilization Fund and the Revenue Reserve Fund from 15 percent to 20 percent of the Commonwealth's average annual tax revenues derived from taxes on income and retail sales for the preceding three years. The bill also increases from five percent to eight percent the estimated amount of general fund revenues that exceed the actual general fund revenues for the immediately preceding fiscal year to trigger additional deposits to the Revenue Stabilization Fund that shall be included in the Governor's budget recommendations.