75-6707. Transfers from the state general fund to the budget stabilization fund under certain circumstances; certification by the director of the budget.

322 words·~1 min read·/ks/chapter-75/75-6707

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(a)For the fiscal years ending June 30, 2023, June 30, 2024, and June 30, 2025, the director of the budget, in consultation with the director of legislative research, shall certify, at the end of each such fiscal year, the amount of actual tax receipt revenues to the state general fund that is in excess of, or is less than, the amount of estimated tax receipt revenues to the state general fund pursuant to the most recent joint estimate of revenue under K.S.A. 75-6701 , and amendments thereto, for such fiscal year, and shall transmit such certification to the director of accounts and reports.

(1)Except as provided in paragraph (2), upon receipt of such certification, or as soon thereafter as moneys are available, the director of accounts and reports shall transfer 50% of such certified excess amount from the state general fund for the fiscal years ending June 30, 2023, and June 30, 2025, to the budget stabilization fund established by K.S.A. 75-6706 , and amendments thereto.

(2)During the fiscal years ending June 30, 2023, and June 30, 2025, if the balance of the budget stabilization fund is 20% or greater of the amount of actual tax receipt revenues to the state general fund at the end of each such fiscal year, no transfers from the state general fund to the budget stabilization fund shall be made pursuant to this subsection. No transfer from the state general fund to the budget stabilization fund shall be made in fiscal year 2025 based on a certification for fiscal year 2024.

(c)If the amount of actual tax receipt revenues to the state general fund is less than the amount of estimated tax receipt revenues to the state general fund, then no transfers shall be made pursuant to this section.