Catastrophic Event Account - Transfer of Funds - State Disaster Recovery Fund

SB 564 modifies Maryland's process for transferring funds between the Catastrophic Event Account and the State Disaster Recovery Fund during emergencies. It shortens the Legislative Policy Committee's review period for fund transfers from 15 days to 5 days (and to 2 days during federal shutdowns), enabling faster response to disasters. The bill specifies transfers to the Disaster Recovery Fund only when that fund is depleted or when disaster costs exceed its balance. This directly affects state and local governments needing rapid financial assistance for natural disasters or catastrophic events. The changes aim to streamline funding access without altering the core purpose of these accounts.