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.; and
   52         (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.