Sec. 5. (a) The maximum total amount that may be expended in a state fiscal year from the state general fund and the counter-cyclical revenue and economic stabilization fund is the least of the following:

(1) Subject to sections 6 and 7 of this chapter, the state spending cap for the state fiscal year.

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Terms Used In Indiana Code 4-10-21-5

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • state spending cap: refers to the state spending cap determined under section 2 of this chapter. See Indiana Code 4-10-21-1
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) The amount appropriated by the general assembly from the state general fund and the counter-cyclical revenue and economic stabilization fund.

(3) The amount of money available in the state general fund and the counter-cyclical revenue and economic stabilization fund to pay expenditures.

     (b) Subject to sections 6 and 7 of this chapter, if the state spending cap for the state fiscal year is less than the amount appropriated by the general assembly in the state fiscal year from the state general fund and the counter-cyclical revenue and economic stabilization fund, the budget agency shall reduce the amounts available for expenditure from the state general fund and the counter-cyclical revenue and economic stabilization fund in the state fiscal year by using the procedures in IC 4-13-2-18.

As added by P.L.192-2002(ss), SEC.4. Amended by P.L.146-2008, SEC.11.

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