Fairs: funding.

Removed the 5% cap on how much of the Fair and Exposition Fund could be retained from year to year. Replaced with a 'reasonable amount' standard effective January 1, 2027, giving the Secretary more flexibility in managing the fund balance.

Added a requirement that moneys deposited into the fund after November 1 of each year must be allocated within 90 days of receipt.

Clarified that all available moneys in the fund must be allocated to California fairs pursuant to an approved expenditure plan no later than December 31 of each calendar year, subject to the new reserve exception.

Removed the provision allowing up to 5% of fund moneys to augment the Department of Food and Agriculture budget for developing and administering an operational and policy framework for the network of California fairs.

The 5% cap now applies to moneys that may be retained in the fund from year to year as a prudent reserve for contingencies, rather than to departmental budget augmentation.

New exception (subdivision e) allowing that beginning January 1, 2027, a reasonable amount may be retained from year to year as a prudent reserve for contingencies, with the remainder still required to be allocated annually by December 31.

New requirement that moneys deposited into the Fair and Exposition Fund after November 1 of each year must be allocated within 90 days of receipt.

Changed the term 'funds' to 'moneys' throughout the bill for consistency with statutory language.

Subdivision (a) removed 'major and deferred maintenance' and 'for fair projects necessary due to any emergency' as separate eligible project categories, and changed 'public health and safety' to just 'public health.' This narrows the types of capital outlay projects fairs can receive funding for.

Subdivision (c) now explicitly states that up to 5 percent of the fund may be retained from year to year as a 'prudent reserve for contingencies,' and that the remainder shall be allocated annually as specified in subdivision (d). This creates a formal mechanism for carrying over unspent funds.

The annual allocation requirement was renumbered from an unmarked paragraph to formal subdivision (d), and the term 'funds' was changed to 'moneys' in subdivisions (b) and (d) to align with the fund's statutory language.