Bill Text: FL S1128 | 2024 | Regular Session | Comm Sub
Bill Title: University Carry Forward Balances
Spectrum: Bipartisan Bill
Status: (Introduced) 2024-03-01 - Laid on Table, refer to CS/HB 707 [S1128 Detail]
Download: Florida-2024-S1128-Comm_Sub.html
Florida Senate - 2024 CS for SB 1128 By the Committee on Education Postsecondary; and Senator Martin 589-02133-24 20241128c1 1 A bill to be entitled 2 An act relating to university carry forward balances; 3 amending s. 1011.45, F.S.; authorizing a university to 4 retain and report a reserve balance exceeding a 5 specified amount; authorizing a university’s carry 6 forward spending plan to include a reserve fund to be 7 used for authorized expenses; providing an effective 8 date. 9 10 Be It Enacted by the Legislature of the State of Florida: 11 12 Section 1. Subsections (1) and (3) of section 1011.45, 13 Florida Statutes, are amended to read: 14 1011.45 End of year balance of funds.—Unexpended amounts in 15 any fund in a university current year operating budget shall be 16 carried forward and included as the balance forward for that 17 fund in the approved operating budget for the following year. 18 (1) Each university shall maintain a minimum carry forward 19 balance of at least 7 percent of its state operating budget, 20 however, a university may retain and report to the Board of 21 Governors an annual reserve balance exceeding that amount. If a 22 university fails to maintain a 7 percent balance in state 23 operating funds, the university shall submit a plan to the Board 24 of Governors to attain the 7 percent balance of state operating 25 funds within the next fiscal year. 26 (3) A university’s carry forward spending plan must include 27 the estimated cost per planned expenditure and a timeline for 28 completion of the expenditure. A carry forward spending plan may 29 include retention of the carry forward balance as a reserve fund 30 to be used for authorized expenses in subsequent years. 31 Authorized expenditures in a carry forward spending plan may 32 include: 33 (a) Commitment of funds to a public education capital 34 outlay project for which an appropriation has previously been 35 provided that requires additional funds for completion and which 36 is included in the list required by s. 1001.706(12)(d).;37 (b) Completion of a renovation, repair, or maintenance 38 project that is consistent with s. 1013.64(1) or replacement of 39 a minor facility.;40 (c) Completion of a remodeling or infrastructure project, 41 including a project for a developmental research school, if such 42 project is survey recommended pursuant to s. 1013.31.;43 (d) Completion of a repair or replacement project necessary 44 due to damage caused by a natural disaster for buildings 45 included in the inventory required pursuant to s. 1013.31.;46 (e) Operating expenditures that support the university’s 47 mission.;48 (f) Any purpose specified by the board or in the General 49 Appropriations Act, including the requirements in s. 50 1001.706(12)(c) or similar requirements pursuant to Board of 51 Governors regulations.; and52 (g) A commitment of funds to a contingency reserve for 53 expenses incurred as a result of a state of emergency declared 54 by the Governor pursuant to s. 252.36. 55 Section 2. This act shall take effect July 1, 2024.