§1535.__General Fund transfers to stabilization fund

Baseline General Fund revenues and other available resources, as recommended by the Revenue Forecasting Committee and authorized in accordance with chapter 151-B, that exceed the General Fund appropriation limitation established by section 1534 must be transferred to the stabilization fund.__The State Controller, at the close of each fiscal year, shall transfer the available balance remaining in the General Fund to the stabilization fund after all required deductions of appropriations, budgeted financial commitments and other adjustments considered necessary by the State Controller.

§1536.__Excess General Fund revenues

1.__First priority reserve.__The State Controller shall, as the first priority at the close of each fiscal year, reserve from the unappropriated surplus of the General Fund an amount equal to the excess of total baseline General Fund revenues received over accepted estimates in that fiscal year and transfer that amount at the beginning of the next fiscal year as follows:

A.__Thirty-two percent to the stabilization fund;

B.__Thirty-two percent to the Retirement Allowance Fund established in section 17251; and

C.__Sixteen percent to the Reserve for General Fund Operating Capital.

2.__Transfer.__At the close of each fiscal year, the State Controller shall transfer from the unappropriated surplus of the General Fund to the stabilization fund:

A.__An amount equal to the balance remaining of the excess of total General Fund revenues received over accepted estimates in that fiscal year that would have been transferred to the Reserve for General Fund Operating Capital had the Reserve for General Fund Operating Capital not been at its statutory limit of $50,000,000.