SECTIONS 16418 - California Statutes

GOVERNMENT CODE

SECTION 16418

16418. (a) The Special Fund for Economic Uncertainties is hereby
created in the State Treasury and is continuously appropriated for
the purposes of this section. The contingency reserve for economic
uncertainties established within the General Fund by Section 12.3 of
the Budget Act of 1980 is hereby discontinued, and any balance in
that reserve shall be transferred to the Special Fund for Economic
Uncertainties. This special fund represents a reserve fund within the
meaning of Section 5 of Article XIII B of the California
Constitution. Notwithstanding Sections 16310 and 16314, the
Controller may transfer as necessary from the Special Fund for
Economic Uncertainties or from the special accounts in the General
Fund to the General Fund amounts that are needed to meet cash needs
of the General Fund. The Controller shall return all of the moneys so
transferred without payment of interest as soon as there are
sufficient moneys in the General Fund.
(b) The Controller shall transfer from the Special Fund for
Economic Uncertainties to the unappropriated balance of the General
Fund an amount necessary to eliminate any General Fund deficit as of
the end of each fiscal year, commencing as of June 30, 1985. The
amount of transfer for each fiscal year shall be determined on the
basis of the State of California Preliminary Annual Report--Accrual
Basis, for that fiscal year. Any subsequent adjustments shall be
determined jointly by the Controller and the Director of Finance.
(c) Notwithstanding Section 13340, moneys in the Special Fund for
Economic Uncertainties are hereby continuously appropriated without
regard to fiscal years to the Director of Finance for the purpose of
allocating funds for disaster relief pursuant to Chapter 5
(commencing with Section 194) and Chapter 6 (commencing with Section
197) of Part 1 of Division 1 of the Revenue and Taxation Code.
However, any allocation made by the director pursuant to this
subdivision shall not be made sooner than 30 days after notification
in writing of the necessity therefor is provided to the Joint
Legislative Budget Committee.
(d) For budgeting and accounting purposes, any appropriations
heretofore or hereafter made specifically from the Special Fund for
Economic Uncertainties, other than appropriations contained in this
section, shall be deemed an appropriation from the General Fund. For
year-end reporting purposes, the Controller shall add the balance in
the Special Fund for Economic Uncertainties to the balance in the
General Fund so as to show the total moneys then available for
General Fund purposes.
(e) (1) Notwithstanding Section 13340, there is hereby
appropriated from the General Fund, without regard to fiscal years,
for transfer by the Controller to the Special Fund for Economic
Uncertainties as of the end of each fiscal year the unencumbered
balance in the General Fund.
(2) If, at the end of any fiscal year in which it has been
determined that there are revenues in excess of the amount that may
be appropriated, as defined in subdivision (a) of Section 2 of
Article XIII B of the California Constitution, the transfer pursuant
to paragraph (1) shall be reduced by the amount of these excess
revenues. The estimates of the transfer shall be made jointly by the
Department of Finance and the Legislative Analyst's Office.