53F-9-204. Public Education Economic Stabilization Restricted Account.
| (1) |
There is created within the Uniform School Fund a restricted account known as the “Public Education Economic Stabilization Restricted Account.” |
Terms Used In Utah Code 53F-9-204
- 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.
| (2) |
| (a) |
Except as provided in Subsection (2)(b), the account shall be funded from the following revenue sources:
| (i) |
15% of the difference between, as determined by the Office of the Legislative Fiscal Analyst:
| (A) |
the estimated amount of ongoing Income Tax Fund and Uniform School Fund revenue available for the Legislature to appropriate for the next fiscal year; and |
| (B) |
the amount of ongoing appropriations from the Income Tax Fund and Uniform School Fund in the current fiscal year; and |
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| (ii) |
other appropriations as the Legislature may designate. |
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| (b) |
If the appropriation described in Subsection (2)(a) would cause the ongoing appropriations to the account to exceed 11% of Uniform School Fund appropriations described in Section 53F-9-201.1 for the same fiscal year, the Legislature shall appropriate only those funds necessary to ensure that the ongoing appropriations to the account equal 11% of Uniform School Fund appropriations for that fiscal year. |
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| (3) |
Subject to the availability of ongoing appropriations to the account, in accordance with Utah Constitution, Article X, Section 5, Subsection (4), the ongoing appropriation to the account shall be used to fund:
| (a) |
except for a year described in Subsection (3)(b), one-time appropriations to the public education system; and |
| (b) |
the Minimum School Program for a year in which Income Tax Fund revenue and Uniform School Fund revenue are insufficient to fund:
| (i) |
ongoing appropriations to the public education system; and |
| (ii) |
enrollment growth and inflation estimates, as defined in Section 53F-9-201.1. |
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| (4) |
| (a) |
The account shall earn interest. |
| (b) |
All interest earned on account money shall be deposited in the account. |
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| (5) |
On or before December 31, 2023, and every three years thereafter, the Office of the Legislative Fiscal Analyst shall:
| (a) |
review the percentages described in Subsections (2)(a)(i) and (2)(b); and |
| (b) |
recommend to the Executive Appropriations Subcommittee any changes based on the review described in Subsection (5)(a). |
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| (6) |
In preparing budget bills for a given fiscal year, the Executive Appropriations Committee shall make the one-time appropriations described in Subsection (3)(a) by appropriating at least the lesser of 10% of the total amount of the one-time appropriations or the cost of providing 32 paid professional hours for teachers in accordance with Section 53F-7-203. |
Amended by Chapter 386, 2022 General Session
Amended by Chapter 456, 2022 General Session
