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§ 1702-A. Funding

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: December 13, 2023

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 1. The Fiscal Code (Refs & Annos)
Article XVII-a. Special Funds
Subarticle a. Budget Stabilization Reserve Fund (Refs & Annos)
Effective: December 13, 2023
72 P.S. § 1702-A
§ 1702-A. Funding
Currentness
(a) Intent.--It is hereby declared as the intent and goal of the General Assembly to create a stabilization reserve in an eventual amount of 6% of the revenues of the General Fund of the Commonwealth.
(b) Transfer of portion of surplus.--
(1) Except as may be provided in paragraph (2), for fiscal years beginning after June 30, 2002, the following apply:
(i) Except as set forth in this paragraph, if the Secretary of the Budget certifies that there is a surplus in the General Fund for a specific fiscal year, 25% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund.
(ii) If the Secretary of the Budget certifies, after June 30, 2005, that there is a surplus in the General Fund for the fiscal year 2004-2005, 15% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund.
(iii) No amount of the surplus in the General Fund for fiscal year 2007-2008 may be deposited into the Budget Stabilization Reserve Fund.
(iv) No amount of the surplus in the General Fund for fiscal year 2010-2011 may be deposited into the Budget Stabilization Reserve Fund.
(v) No amount of the surplus in the General Fund for fiscal year 2011-2012 may be deposited into the Budget Stabilization Reserve Fund.
(vi) No amount of the surplus in the General Fund for fiscal year 2012-2013 may be deposited into the Budget Stabilization Reserve Fund.
(vii) No amount of the surplus in the General Fund for fiscal year 2013-2014 may be deposited into the Budget Stabilization Reserve Fund.
(viii) No amount of the surplus in the General Fund for fiscal year 2014-2015 may be deposited into the Budget Stabilization Reserve Fund.
(ix) No amount of the surplus in the General Fund for fiscal year 2015-2016 may be deposited into the Budget Stabilization Reserve Fund.
(x) If the Secretary of the Budget certifies that there is a surplus in the General Fund for the 2017-2018 fiscal year, 50% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund.
(xi) If the Secretary of the Budget certifies that there is a surplus in the General Fund for the 2018-2019 fiscal year, 100% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund.
(xii) If the Secretary of the Budget certifies that there is a surplus in the General Fund for the 2020-2021 fiscal year, 100% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund established under section 1701-A.1
(xiii) If the Secretary of the Budget certifies that there is a surplus in the General Fund for the 2021-2022 fiscal year, the amount of $2,100,000,000 shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund.
(2) If, at the end of any fiscal year, the ending balance of the Budget Stabilization Reserve Fund equals or exceeds 6% of the actual General Fund revenues received for the fiscal year in which the surplus occurs, 10% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Reserve Stabilization Fund.
(c) Appropriated funds.--The General Assembly may at any time provide additional amounts from any funds available to this Commonwealth as an appropriation to the Budget Stabilization Reserve Fund.
(d) Definition.--As used in this section, the term “surplus” means a fiscal operating result that occurs in a fund at the end of a fiscal year, by which expenditures, including tax refunds, are less than the fund's beginning balance, revenues and receipts and lapses during the same period.

Credits

1929, April 9, P.L. 343, No. 176, art. XVII-A, § 1702-A, added 2002, June 29, P.L. 614, No. 91, § 18, effective July 15, 2002. Amended 2005, July 7, P.L. 174, No. 41, § 1, imd. effective; 2008, July 4, P.L. 629, No. 53, § 4, retroactive effective June 30, 2008; 2011, June 30, P.L. 159, No. 26, § 2, imd. effective; 2012, July 2, P.L. 823, No. 87, § 11, imd. effective; 2013, July 18, P.L. 574, No. 71, § 11, imd. effective; 2014, July 10, P.L. 1053, No. 126, § 9, imd. effective; 2016, April 25, P.L. 168, No. 25, § 5, retroactive effective July 1, 2015; 2016, July 13, P.L. 664, No. 85, § 10, imd. effective; 2018, June 22, P.L. 281, No. 42, § 10, imd. effective; 2019, June 28, P.L. 173, No. 20, § 2, effective July 1, 2019; 2021, June 30, P.L. 62, No. 24, § 11, effective July 1, 2021; 2022, July 11, P.L. 540, No. 54, § 17, imd. effective; 2023, Dec. 13, P.L. 251, No. 34, § 9, imd. effective.

Footnotes

1
72 P.S. § 1701-A.
72 P.S. § 1702-A, PA ST 72 P.S. § 1702-A
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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