Florida Senate - 2024                        COMMITTEE AMENDMENT
       Bill No. SB 1128
       
       
       
       
       
       
                                Ì263702{Î263702                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/16/2024           .                                
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       The Committee on Education Postsecondary (Martin) recommended
       the following:
       
    1         Senate Amendment (with directory and title amendments)
    2  
    3         Delete lines 17 - 23
    4  and insert:
    5         (1) Each university shall maintain a minimum carry forward
    6  balance of at least 7 percent of its state operating budget,
    7  however, a university may retain and report to the Board of
    8  Governors an annual reserve balance exceeding that amount. If a
    9  university fails to maintain a 7 percent balance in state
   10  operating funds, the university shall submit a plan to the Board
   11  of Governors to attain the 7 percent balance of state operating
   12  funds within the next fiscal year.
   13         (3) A university’s carry forward spending plan must include
   14  the estimated cost per planned expenditure and a timeline for
   15  completion of the expenditure. A carry forward spending plan may
   16  include retention of the carry forward balance as a reserve fund
   17  to be used for authorized expenses in subsequent years.
   18  Authorized expenditures in a carry forward spending plan may
   19  include:
   20  
   21  ====== D I R E C T O R Y  C L A U S E  A M E N D M E N T ======
   22  And the directory clause is amended as follows:
   23         Delete lines 11 - 12
   24  and insert:
   25         Subsections (1) and (3) of section 1011.45, Florida
   26  Statutes, are amended to read:
   27  
   28  ================= T I T L E  A M E N D M E N T ================
   29  And the title is amended as follows:
   30         Delete lines 3 - 6
   31  and insert:
   32         amending s. 1011.45, F.S.; authorizing a university to
   33         retain and report a reserve balance exceeding a
   34         specified amount; authorizing a university’s carry
   35         forward spending plan to include a reserve fund to be
   36         used for authorized expenses; providing an