Sec. B-1. Transfer of excess equity reserves from Workers' Compensation Management Fund. Notwithstanding any other provision of law, the State Controller shall transfer $1,772,840 representing the General Fund share of excess equity reserve for workers' compensation by June 30, 2010 from the Workers' Compensation Management Fund in the Department of Administrative and Financial Services to the unappropriated surplus of the General Fund. The State Controller shall also transfer the equitable share of workers' compensation excess equity reserve to each participating fund by June 30, 2010.
Sec. B-2. Calculation and transfer; General Fund; Statewide Workers' Compensation Savings. Notwithstanding any other provision of law, the State Budget Officer shall calculate the amount of savings in the Statewide Workers' Compensation Savings account in the Department of Administrative and Financial Services in section 3 that applies against each General Fund account for departments and agencies statewide in fiscal year 201011 from savings achieved through an adjustment in the rates for workers' compensation. The State Budget Officer shall transfer the savings by financial order upon approval of the Governor. These transfers are considered adjustments to appropriations in fiscal year 201011.
Sec. B-3. Appropriations and allocations. The following appropriations and allocations are made.
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
Departments and Agencies - Statewide 0016
Initiative: Reduces funding from departments and agencies statewide from projected savings in Personal Services achieved through a rate reduction for workers' compensation.
|GENERAL FUND TOTAL||$0||($1,731,300)|