SECTIONS 16410-16412 - California Statutes

GOVERNMENT CODE

SECTION 16410-16412

16410. The Revenue Deficiency Reserve Fund in the Treasury is
continued in existence to meet the needs of the State for General
Fund revenues when revenues from taxes, fees, and other sources do
not equal the estimate for revenues as set forth in the fiscal year
budget. There shall be transferred into this fund such amounts as may
be authorized by the Legislature.

16411. Whenever the Governor, Controller, and Director of Finance
determine that the General Fund revenues for any fiscal year
commencing on or after July 1, 1947, are below the amount estimated
in the budget submitted by the Governor to the Legislature for the
fiscal year, they may jointly authorize the transfer from the Revenue
Deficiency Reserve Fund to the General Fund of an amount equal to
the difference between the actual revenues received for the General
Fund and the amount which it was estimated would be received.

16412. The money in the Revenue Deficiency Reserve Fund may be
loaned temporarily to the General Fund upon the joint authorization
of the Governor, Controller, and Director of Finance during any
fiscal year in anticipation of the receipt of revenue from taxes,
fees, and other sources required to be paid into the General Fund
during the fiscal year. The money loaned shall be repaid during the
same fiscal year from revenue received from such taxes, fees, and
other sources as such revenues are received, to the extent that such
revenues are not necessary for current expenditures payable out of
the General Fund. If any money temporarily loaned remains unpaid at
the close of the fiscal year, it shall be deemed a transfer from the
Revenue Deficiency Reserve Fund to the General Fund to the same
extent as if it were transferred pursuant to Section 16411.