Connecticut Seal

General Assembly

File No. 822

    January Session, 2015

Substitute Senate Bill No. 1135

Senate, May 14, 2015

The Committee on Finance, Revenue and Bonding reported through SEN. FONFARA of the 1st Dist., Chairperson of the Committee on the part of the Senate, that the substitute bill ought to pass.

This act shall take effect as follows and shall amend the following sections:

Section 1

July 1, 2015

4-30a

Sec. 2

July 1, 2015

4-85

Sec. 3

July 1, 2015

3-115

Sec. 4

July 1, 2015

2-35

Sec. 5

July 1, 2015

2-36c

Sec. 6

July 1, 2015

2-24a

FIN

Joint Favorable Subst.

 

Agency Affected

Fund-Effect

FY 16 $

FY 17 $

Resources of the General Fund

GF - Revenue Impact

None

Potential Significant

Budget Reserve Fund

App Fund - Revenue Impact

None

Potential Significant

State Employees Retirement System

SERF - Revenue Impact

None

Potential Significant

FY

Actual Deposit into BRF $

Transfers as Calculated Under the Bill $

2004

302,200,000

24,557,248

2005

363,900,000

433,646,700

2006

446,500,000

697,097,504

2007

269,200,000

815,841,033

2008

-

818,479,382

2009

-

-

2010

(1,278,500,000)

-

2011

(103,200,000)

-

2012

93,500,000

74,994,072

2013

177,200,000

200,364,682

2014

248,500,000

-

BRF Balance / Appropriations

Budget Reserve Fund

State Employees Retirement Fund

0 to 5%

95%

5%

5 to 10%

90%

10%

10 to 15%

85%

15%

Greater than 15%

0%

100%

Sources:

Department of Revenue Services Historical Tax Data

January 15 Combined Revenue Projection

April 30 Combined Revenue Projection

Transfer Required Under the Bill

Exceeded the threshold level

Revised upward

Difference between January and April combined revenue projection must be transferred to RGF

Revised downward but still more than the threshold level for deposits

Difference between January and April combined revenue projection must be transferred from RGF to the General Fund

Revised downward to a level less than the threshold level for deposits

Difference between January combined revenue projection and the threshold level must be transferred from RGF to the General Fund

Less than or equal to the threshold level

Revised upward to a level exceeding the threshold level

Difference between April combined revenue projection and threshold level must be transferred to the RGF

Revised upward, but remaining less than the threshold level

No transfer to RGF

BRF's Balance as a % of Net General Fund Appropriations

Percentage of BRF Transfer Directed to State Employee Retirement Fund

Less than 5%

5%

5% ≤ balance < 10%

10%

10% ≤ balance < 15%

15%

Yea

48

Nay

0

(04/30/2015)

TOP

1 Per the bill, BRF revenue can be accessed in the event of a decrease in GF revenue greater than 2% over the prior year (for example, during a recession).

2 For the purposes of the bill “combined revenue” is equal to the sum of: 1) the corporation business tax, and 2) the estimated & final payments portion of the personal income tax.