THIS SECTION WAS AMENDED BY ACT 2022-358 IN THE 2022 REGULAR SESSION, EFFECTIVE APRIL 13, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
There is hereby created in the State Treasury an Education Trust Fund Budget Stabilization Fund and an Education Trust Fund Advancement and Technology Fund. Any monetary interest which accrues in the Education Trust Fund Budget Stabilization Fund shall be retained in the fund from year to year and shall be subject only to the provisions of this chapter. If total revenues deposited into the Education Trust Fund during the immediately preceding fiscal year exceed the fiscal year appropriation cap for the immediately preceding fiscal year, and total Education Trust Fund appropriations for the immediately preceding fiscal year are less than the fiscal year appropriation cap for the immediately preceding fiscal year, the excess revenues shall remain in the Education Trust Fund as nonrecurring revenue. On or before May 31 of each fiscal year, if the total revenues deposited into the Education Trust Fund during the immediately preceding fiscal year exceed the fiscal year appropriation cap for the immediately preceding fiscal year, and Education Trust Fund appropriations for the immediately preceding fiscal year were equal to the fiscal year appropriation cap, the excess revenues shall be transferred to the Education Trust Fund Rainy Day Account until the account has been repaid in full. If the account has been repaid in full, any excess revenues remaining shall be transferred to the Education Trust Fund Budget Stabilization Fund and the Education Trust Fund Advancement and Technology Fund created in this chapter. The transfers to the Education Trust Fund Budget Stabilization Fund and the Education Trust Fund Advancement and Technology Fund shall be made annually as follows:
(1) Any excess revenues remaining for any fiscal year shall be transferred to the Education Trust Fund Budget Stabilization Fund in an amount up to one percent of the previous year's Education Trust Fund appropriations until the fund reaches seven and one-half percent of the previous year's appropriations from the Education Trust Fund.
(2) Revenues in excess of those transferred in subdivision (1) shall be transferred to the Education Trust Fund Advancement and Technology Fund each year. Any amount of the available balance in the Education Trust Fund Advancement and Technology Fund may be available for appropriation only by and through an independent supplemental appropriation bill for the following nonrecurring expenses: repairs or deferred maintenance of facilities for public education purposes in the state, capital outlay, for classroom instructional support as provided in Section 16-13-231(b)(2)c. and Section 16-13-231.3, for insuring facilities, for transportation as provided in Section 16-13-233, for school security measures, and for the acquisition or purchase of education technology and equipment, or both. These funds, however, shall not be used as a pledge for the issuance or payment of debt service. No funds shall be appropriated in years when the balance of the Education Trust Fund Advancement and Technology Fund at the end of the previous fiscal year is less than ten million dollars ($10,000,000). Amounts in the Education Trust Fund Advancement and Technology Fund shall be budgeted and allotted in accordance with Sections 41-4-80 through 41-4-96 and Sections 41-19-1 through 41-19-12, but shall not be limited by the fiscal year appropriation cap.
(3) The annual appropriation of these funds shall be divided between the public schools and institutions of higher education in the state in accordance with the percentage split, based on the fiscal year in which an appropriation is made, between these two sectors of education as certified by the Legislative Fiscal Officer at the end of the preceding fiscal year. Public schools shall be interpreted to include any school in operation for the current fiscal year, the Alabama School of Math and Science, the Alabama School of Fine Arts, the Alabama School of Cyber Technology and Engineering, the portion of the Alabama Institute for Deaf and Blind providing appropriate elementary/secondary instruction, and may include the Department of Youth Services School District.
Structure Code of Alabama