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Senate rejects bill to create federal-funds reserve account after debate on lockbox and program restrictions
Summary
Senate consideration of SB160, which would have created a Federal Funds Budget Reserve (a ‘third rainy day’ fund funded by 11% of general-fund surpluses up to 8% of total federal funds), ended in defeat after senators questioned ceilings, whether program-dedicated federal dollars could be held, and effects on current services.
Senate debate on SB160 focused on whether Utah should create a third rainy-day account specifically for federal funds and how that account would interact with program-specific federal dollars.
Senator Harper, the bill sponsor, said the measure "creates a third rainy day account at Federal Funds Budget Reserve account," specifying revenue sources and triggers for withdrawals when federal funds decline by 5 percent. Harper…
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