DISTRIBUTION OF FISCAL SURPLUS

Amends the State Finance Act. Creates the Pay Your Bills Fund and the Pension First-Priority Fund as special funds in the State Treasury. Provides for the distribution of specified portions of any incremental non-dedicated State revenue into the General Revenue Fund, the Pay Your Bills Fund, and the Pension First-Priority Fund. Provides that moneys in the Pension First-Priority Fund shall be distributed by the Comptroller to each State-funded pension or retirement system. Provides that moneys in the Pay Your Bills Fund shall be used by the Comptroller to pay vendors and reduce State obligations attributable to the provision of goods and services to the State. Provides that the Pay Your Bills Fund may become inactive if certain conditions are met. Requires the retransfer of funds if it is later determined that incremental non-dedicated State revenue does not exist. Defines "full accrual" and "incremental non-dedicated State revenue". Authorizes the Comptroller to adopt rules necessary to implement and administer these provisions. Effective immediately.