16.518 Transfers to the budget stabilization fund.
(1) In this section, “summary" means the amount shown in the summary in s. 20.005 (1), as published in the biennial budget act or acts.
(2) Annually, the secretary shall calculate the difference between the amount of moneys projected to be deposited in the general fund during the fiscal year that are designated as “Taxes" in the summary and the amount of such moneys actually deposited in the general fund during the fiscal year.
(3)
(a) Subject to par. (b), if the amount of moneys projected to be deposited in the general fund during the fiscal year that are designated as “Taxes" in the summary is less than the amount of such moneys actually deposited in the general fund during the fiscal year, the secretary shall annually transfer from the general fund to the budget stabilization fund 50 percent of the amount calculated under sub. (2).
(b)
1. If the balance of the budget stabilization fund on June 30 of the fiscal year is at least equal to 5 percent of the estimated expenditures from the general fund during the fiscal year, as reported in the summary, the secretary may not make the transfer under par. (a).
2. If the amount transferred under par. (a) would cause the general fund balance on June 30 of the fiscal year to be less than the general fund balance that is required under s. 20.003 (4) for that fiscal year, the secretary shall reduce the amount transferred under par. (a) to the amount that would cause the general fund balance to be equal to the minimum general fund balance that is required under s. 20.003 (4) for that fiscal year.
History: 2001 a. 16; 2007 a. 226.