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DIGEST OF INTRODUCED BILL
Local government rainy day funds. Removes a provision allowing a political subdivision to transfer not more than 10% of its annual budget to its rainy day fund. Provides that unused and unencumbered funds from any fiscal year and certain specified sources may be transferred to the rainy day fund at any time. Provides that unobligated cash balances from any fiscal year and sources not specified by statute may be transferred to the rainy day fund if the amount of the transfer is specified in an ordinance or resolution establishing the rainy day fund and the transfer is not more than 10% of the political subdivision's annual budget.