§1525.__General Fund transfers to stabilization fund

General Fund revenues and other available resources, as recommended by the Revenue Forecasting Committee established in section 1710-E and authorized in accordance with chapter 151-B, that exceed the General Fund appropriation limitation established by section 1524 must be transferred to the Retirement Allowance Fund established in section 17251 until the cumulative total of such transfers is $102,474,904, which is the General Fund share of the $123,075,425 reduction for the fiscal year 2004-05 biennium.__Subsequent transfers of the excess of revenue and other available resources over the appropriation limitation must be made to the stabilization fund.__The State Controller, at the close of each fiscal year, shall transfer the available balance remaining in the General Fund to the stabilization fund after all legally required transfers, commitments, deductions or other designated uses.

§1526.__Excess General Fund revenues

1.__Reserve unappropriated surplus.__The State Controller shall, as the first priority at the close of each fiscal year, reserve from the unappropriated surplus of the General Fund an amount equal to the excess of total General Fund revenues received over accepted estimates in that fiscal year and transfer that amount at the beginning of the next fiscal year as follows:

A.__Fifty percent to the stabilization fund;

B.__Twenty-five percent to the Retirement Allowance Fund established in section 17251;

C.__Fifteen percent to the Reserve for General Fund Operating Capital under section 1511; and

D.__Ten percent to the Capital Construction and Improvements Reserve Fund established in section 1516-A.

2.__Transfer unappropriated surplus.__At the close of each fiscal year, the State Controller shall transfer from the unappropriated surplus of the General Fund to the stabilization fund: