§ 143C-4-2. Savings Reserve Account and appropriation of General Fund unreserved fund balance.
§ 143C‑4‑2. Savings Reserve Account and appropriation of General Fund unreserved fundbalance.
(a) Creation and Sourceof Funds. The Savings Reserve Account is established as a reserve in theGeneral Fund. The Controller shall reserve to the Savings Reserve Account one‑fourthof any unreserved fund balance, as determined on a cash basis, remaining in theGeneral Fund at the end of each fiscal year.
(b) Use of Funds. TheSavings Reserve Account is a component of the unappropriated General Fundbalance. Funds reserved to the Savings Reserve Account shall be available forexpenditure only upon an act of appropriation by the General Assembly.
(c) Goal for SavingsReserve Account Balance. The General Assembly recognizes the need toestablish and maintain sufficient reserves to address unanticipated events andcircumstances such as natural disasters, economic downturns, threats to publicsafety, health, and welfare, and other emergencies. It is a goal of the GeneralAssembly and the State to accumulate and maintain a balance in the SavingsReserve Account equal to or greater than eight percent (8%) of the prior year'sGeneral Fund operating budget. (2006‑203, s. 3.)