California Government Code 20825.15 – (a) In addition to the appropriation required pursuant to …
(a) In addition to the appropriation required pursuant to Section 20814, the Legislature hereby appropriates twenty-five million dollars ($25,000,000) from the Motor Vehicle Account for each of the 2019-20, 2020-21, 2021-22, and 2022-23 fiscal years to be transferred to the Public Employees’ Retirement Fund, consistent with the requirements of this section and at the direction of the Department of Finance. However, the payments in the 2021-22 and 2022-23 fiscal years shall be subject to the following conditions:
(1) If the projected state revenues at the 2021-22 May Revision to the Governor’s Budget are insufficient to fully fund existing statutory and constitutional obligations, existing fiscal policy, and the costs of providing the aforementioned supplemental pension payments, as specified above, in the sole discretion of the Director of Finance, the twenty-five-million-dollar ($25,000,000) supplemental payment for the 2021-22 and 2022-23 fiscal years shall be deferred to the respective next fiscal years.
Terms Used In California Government Code 20825.15
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
- Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10
(2) If the twenty-five-million-dollar ($25,000,000) supplemental payment in the 2021-22 fiscal year is made and projected state revenues at the 2022-23 May Revision to the Governor’s Budget are insufficient to fully fund existing statutory and constitutional obligations, existing fiscal policy, and the costs of providing the aforementioned supplemental pension payments, as specified above, in the sole discretion of the Director of Finance, the twenty-five-million-dollar ($25,000,000) supplemental payment for the 2022-23 fiscal year shall be deferred to the next fiscal year.
(b) The Department of Finance shall provide the Controller a schedule establishing the timing of specific transfers to be used for these purposes.
(c) The supplemental payment to the Public Employees’ Retirement Fund described in subdivision (a) shall be apportioned to the state patrol member plan, and applied to the unfunded liabilities for the state patrol member plan.
(Amended by Stats. 2020, Ch. 370, Sec. 152. (SB 1371) Effective January 1, 2021.)