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SUMMARY OF LEGISLATION ENACTED BY THE GENERAL ASSEMBLY <br /> ***ALL BILLS ARE EFFECTIVE UPON BECOMING LAW UNLESS OTHERWISE NOTED* <br /> Public/Statewide Legislation <br /> House Bills <br /> HB 7: LRC/Strengthen Savings Reserve (S.L. 2017-5) <br /> Renames the Savings Reserve Account as the Savings Reserve and makes the following changes: <br /> • Requires the General Assembly to include in each enacted budget bill a transfer to the <br /> Savings Reserve of 15% of the estimated growth in State revenues for each fiscal year of the <br /> upcoming biennium. The Office of the State Controller is charged with making the actual <br /> transfer of designated funds to the Savings Reserve. <br /> • Requires the Office of State Budget and Management(OSBM) and the Fiscal Research <br /> Division (FRD) of the General Assembly to jointly produce an annual evaluation of the <br /> adequacy of the Savings Reserve based on the volatility of the State's General Fund tax <br /> structure. The 15%transfer rate from estimated revenue growth may be adjusted based on <br /> this evaluation (effective immediately). <br /> • Allows spending from the Savings Reserve for the following: <br /> o To cover a decline in General Fund revenue from one fiscal year to the next. <br /> o To cover the difference between that fiscal year's General Fund operating budget <br /> appropriations, excluding departmental receipts, and projected revenue. <br /> o To pay costs imposed by a court or administrative order. <br /> o To provide relief and assistance from the effects of an emergency. <br /> • Limits spending from the Savings Reserve to 7.5% of the prior year's General Fund <br /> operating budget appropriation and requires a majority vote in each chamber of the General <br /> Assembly. The 7.5% spending cap and spending restrictions can be exceeded by a two-thirds <br /> vote of the House and Senate. <br /> • Excludes the Highway Fund and Highway Trust Fund from these requirements. <br /> Effective October 1, 2017. <br /> G.S. 143C-4-2; 143C-3-5(b); 142-15.4; 142-96; 143C-5-4(b)(8); 147-86.11(e)(7). <br /> HB 13: Class Size Requirement Changes (S.L. 2017-9) <br /> I. K-3 Class Size Averages & Maximums <br /> Lowers (i) maximum average class size ratios in K-3 classrooms across an LEA; and(ii)the <br /> maximum class size for any individual K-3 classroom in the LEA. Reduces averages and maximums <br /> over a two-year period as follows. <br /> 36 <br />