For the fiscal year 2017-18 and each fiscal year thereafter, the general fund reserve required by law is currently equal to 6.5% of the amount appropriated for expenditure from the general fund. The bill increases the general fund reserve to:
- 7% for the fiscal year 2018-19;
- 7.5% for the fiscal year 2019-20; and
- 8% for the fiscal year 2020-21 and each fiscal year thereafter.
(Note: This summary applies to this bill as introduced.)