AN ACT TO TRANSFER FUNDS; DEFINE THE MONIES TO BE AVAILABLE IN THE RESTRICTED RESERVE FUND; AND ALLOW ADDITIONAL FUNDS TO BE MADE AVAILABLE FOR STATE DEPARTMENTS, AGENCIES AND INSTITUTIONS; AND TO DECLARE AND EMERGENCY.

Senate Bill 636, now Act 1017, authorizes the transfer and redistribution of various state funds, primarily affecting state departments, agencies, and institutions. The bill consolidates unobligated monies from several existing funds, such as the General Revenue Allotment Reserve Fund, into a "Restricted Reserve Fund." From this reserve, specific amounts are allocated into designated "Set-Asides" for various purposes. Key allocations include up to $100 million for Medicaid expenses, up to $90 million for the Children's Educational Freedom Account Fund, and a $136 million transfer to the State Captive Insurance Program Trust Fund. The distribution of these funds requires prior approval from the Legislative Council or Joint Budget Committee.