Nevada § 353.288 - Creation; annual deposit of state revenue required; annual transfer of percentage of total anticipated revenue required; limitation on balance; transfer of percentage of balance to Disaster Relief Account; uses

§ 353.288. Creation; annual deposit of state revenue required; annual transfer of percentage of total anticipated revenue required; limitation on balance; transfer of percentage of balance to Disaster Relief Account; uses

1. The Account to Stabilize the Operation of the State Government is hereby created

in the State General Fund. Except as otherwise provided in subsections 3 and 4, each year after the close of

the previous fiscal year and before the issuance of the State Controller's annual

report, the State Controller shall transfer from the State General Fund to the Account

to Stabilize the Operation of the State Government: (a) Forty percent of the unrestricted balance of the State General Fund, as of the

close of the previous fiscal year, which remains after subtracting an amount equal

to 7 percent of all appropriations made from the State General Fund during that previous

fiscal year for the operation of all departments, institutions and agencies of State

Government and for the funding of schools; and (b) Commencing with the fiscal year that begins on July 1, 2017, 1 percent of the

total anticipated revenue for the fiscal year in which the transfer will be made,

as projected by the Economic Forum for that fiscal year pursuant to paragraph (e)

of subsection 1 of NRS 353.228 and as adjusted by any legislation enacted by the Legislature that affects state

revenue for that fiscal year. 2. Money transferred pursuant to subsection 1 to the Account to Stabilize the Operation

of the State Government is a continuing appropriation solely for the purpose of authorizing

the expenditure of the transferred money for the purposes set forth in this section. 3. The balance in the Account to Stabilize the Operation of the State Government must

not exceed 26 percent of the total of all appropriations from the State General Fund

for the operation of all departments, institutions and agencies of the State Government

and for the funding of schools and authorized expenditures from the State General

Fund for the regulation of gaming for the fiscal year in which that revenue will be

transferred to the Account to Stabilize the Operation of the State Government. 4. Except as otherwise provided in this subsection and NRS 353.2735 , beginning with the fiscal year that begins on July 1, 2003, the State Controller

shall, at the end of each quarter of a fiscal year, transfer from the State General

Fund to the Disaster Relief Account created pursuant to NRS 353.2735 an amount equal to not more than 10 percent of the aggregate balance in the Account

to Stabilize the Operation of the State Government during the previous quarter. The State Controller shall not transfer more than $500,000 for any quarter pursuant

to this subsection. 5. The Director of the Office of Finance in the Office of the Governor may submit

a request to the State Board of Examiners to transfer money from the Account to Stabilize

the Operation of the State Government to the State General Fund: (a) If the total actual revenue of the State falls short by 5 percent or more of the

total anticipated revenue for the biennium in which the transfer will be made, as

determined by the Legislature, or the Interim Finance Committee if the Legislature

is not in session; or (b) If the Legislature, or the Interim Finance Committee if the Legislature is not

in session, and the Governor declare that a fiscal emergency exists. 6. The State Board of Examiners shall consider a request made pursuant to subsection

5 and shall, if it finds that a transfer should be made, recommend the amount of the

transfer to the Interim Finance Committee for its independent evaluation and action. The Interim Finance Committee is not bound to follow the recommendation of the State

Board of Examiners. 7. If the Interim Finance Committee finds that a transfer recommended by the State

Board of Examiners should and may lawfully be made, the Committee shall by resolution

establish the amount and direct the State Controller to transfer that amount to the

State General Fund. The State Controller shall thereupon make the transfer. 8. In addition to the manner of allocation authorized pursuant to subsections 5, 6

and 7, the money in the Account to Stabilize the Operation of the State Government

may be allocated directly by the Legislature to be used for any other purpose.