Bill > SB564

This bill modifies provisions related to the Catastrophic Event Account and the State Disaster Recovery Fund, providing the Governor with additional flexibility to transfer funds during disaster situations. Specifically, the bill allows the Governor to transfer money from the Catastrophic Event Account to the State Disaster Recovery Fund under two circumstances: when the Fund's balance has been depleted due to previous use or transfer, or when the estimated costs for disaster relief exceed the Fund's current balance. The bill also reduces the Legislative Policy Committee's review period for such transfers from 15 days to 5 days, streamlining the process for emergency fund allocation. Additionally, the bill clarifies that funds from the Catastrophic Event Account can be used to assist state or local governments during natural disasters, catastrophic situations, or federal government shutdowns. The legislation includes technical modifications to how these accounts are defined, managed, and used, with the changes set to take effect on July 1, 2025. Key terms like "Local Disaster Declaration" are defined, and the bill ensures that these special funds remain flexible and responsive to urgent financial needs during unexpected emergency situations.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0564?ys=2025RS