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Bill language would let legislature and Emergency Board access small portion of balance reserve in emergencies
Summary
The Budget Adjustment Act would change statute so the General Assembly and Emergency Board can access up to 5% of the general fund balance reserve during emergencies, replacing a 50%-of-prior-year contribution rule that can be zero in years with no contributions.
Committee staff described proposed changes to 32 VSA 308C that would permit the General Assembly to unreserve and appropriate up to 5% of the general fund balance reserve during a session for emergency appropriations. The amendment responds to recent years in which the balance reserve received no new contributions; under the earlier formula tied to 50% of prior-year additions, a zero prior-year contribution would prevent any emergency access.
Adam Greshin explaine…
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