Agenda - 10-06-1997 - 10c - Laserfiche WebLink

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28 (a) The State Controller shall establish a restricted reserve in the General Fund to be known as the Work First Reserve Fund At the end of each fiscal year, the State Controller shall reserve State funds into this reserve in an amount equalling one- fourth of anv Work First Program funds from State General Fund appropriations remaining unexpended at the end of the fiscal year. up to a matmum balance in the account of fifty million dollars ($50.000.000). The General Assembly may a&propriate additional funds into this reserve. (b) Funds in the Work First Reserve Fund shall be used only for the purposes described in Title IV bf the Social.Security. Act and only as provided in G.S. 108A- 27.16. (,c) The Director of the Budget shall regort to the Joint Legislative Commission on Governmental Operations the Joint Legislative Public Assistance Commission. and the House and Senate Appropriations Subcommittees on Human Resources prior to using the funds described in subsection (a) of this section." Section 12.13. G.S. 153A-255 reads as rewritten: "§ 153A-255. Authority to provide social service programs. Each county shall provide social service programs pursuant to Chapter 108A and Chapter 111 and may otherwise undertake, sponsor, organize, engage in, and support other social service programs intended to further the health, welfare, education, - employment. safety, comfort, and convenience of its citizens." Section 12.14. G.S. 108A-28,_ 108A-28.1, 108A-30, 108A-32, 108A-33, 108A-34, 108A-35, 108A-39.1, and 108A-92 are repealed. Section 12.15. Article 12G of Chapter 120 of the General Statutes is repealed. Section 12.16. (a) The Department of Labor, in conjunction with the Department of Health and Human Services, shall establish a pilot.project creating Individual of Accounts (IDA).to assist working families. (b) Of the funds appropriated in this act to the. Office of State Budget and Management, the the sum of three hundred thousand dollars ($300,000) for the 1997-98 fiscal year and the sum of three hundred thousand dollars ($300,000) for the 1998-99 fiscal year shall be transferred to the Department of Labor to establish a pilot project creating Individual Development Accounts (IDA) to: - -- (1) -- -Provide-individuals and families, especially the underemployed, an opportunity and an incentive to accumulate assets. (2) Promote investments in education, homeownership, and microenterprise development. (3) Demonstrate that household savings strategies, such as the development of IDAs, can be a powerful strategy for assisting working persons and families to achieve long-term self-sufficiency. (4) Utilize and build comprehensive community partnerships that support asset building in low-wealth communities. (c) The funds allocated in this section shall be made available to serve as - matching funds for personal savings of qualified participants selected to participate in a multiyear demonstration to last not more than five years. Other expenses of the demonstration, including training, technical assistance, evaluation, and other program and administrative expenses, shall be covered from other public and private sources. Matching funds provided from the funds allocated in this section may be used by qualified participants for home purchase, investment in a business or self-employment venture owned by the participant, or costs of postsecondary education or training for the participant. Participants shall not be restricted as to the amounts or sources of — funds deposited in the account, but in order to create the incentive for continued savings, only savings from earned income will qualify for State matching funds. Tax return reports of earned income shall be used to verify compliance. Funds contained Page 272 Senate Bill 352