General Obligation Debt Service
The Conference Committee Report increases the amount appropriated for general obligation debt service from $563 million, that was the Governor's request, to $617 million. There is no change in the amount of bonds that will be issued so the addition appears to be simply an attempt to secure money until next year.
Rainy Day Fund
The Conference Committee Report places $100 million of the revenue surplus into the Rainy Day Fund in 1996-97. That money will be in addition to the 15% of the General Fund surplus that is automatically transferred. The total amount transferred for 1996-97 is estimated to be $171 million. The total available in the fund will be $365 million once these transfers occur.
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