Sec. 7.5. (a) Before July 1 of each year, the budget agency, with the assistance of the department, shall estimate the amount of the distributions that will be made for choice scholarships for the following state fiscal year.

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Terms Used In Indiana Code 20-43-2-7.5

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) In a state fiscal year beginning after June 30, 2016, the budget agency may transfer money from the state tuition reserve account to the state general fund if the budget director, after review by the budget committee, makes a determination that the amount of the distribution for that state fiscal year for basic tuition support has been reduced under section 3 of this chapter because the amount of the distributions for choice scholarships for the state fiscal year exceeds the latest estimate prepared by the legislative services agency and provided to members of the general assembly before May 1 of the most recent odd-numbered year concerning the amount of the distributions for choice scholarships for the state fiscal year beginning July 1 of the particular state fiscal year. The maximum amount that may be transferred to the state general fund under this subsection for the state fiscal year may not exceed the lesser of:

(1) the amount of the reduction in basic tuition support distributions described in this subsection; or

(2) twenty-five million dollars ($25,000,000).

Any amounts transferred under this subsection shall be used to augment the appropriation for state tuition support for the state fiscal year and shall be distributed to school corporations to restore the distributions for basic tuition support that are reduced under section 3 of this chapter.

     (c) Transfers under this section are in addition to any transfers made from the state tuition reserve account under IC 4-12-1-15.7 or any other law.

As added by P.L.205-2013, SEC.271. Amended by P.L.213-2015, SEC.209; P.L.186-2016, SEC.1; P.L.217-2017, SEC.118; P.L.108-2019, SEC.220.

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