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SB 688 — Federal Grants Trust Fund / Executive Office of the Governor

by Senator Gardiner

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Appropriations Committee (AP)

The bill recreates, without modification, the Federal Grants Trust Fund within the Executive Office of the Governor for use by the Division of Emergency Management. The trust fund, which was created on July 1, 2011, by Chapter 2011-165, L.O.F., was scheduled to be terminated on July 1, 2015.

The trust fund is used as a depository for funds that must be used for allowable activities funded by restricted program revenues from federal sources, including interest earnings and cash advances from other trust funds.

The bill has no fiscal impact on state or local funds.

If approved by the Governor, these provisions take effect July 1, 2014

Vote: Senate 40-0; House 116-1