Relating to the amount of surplus deposited into the Revenue Shortfall Reserve Fund and providing for an effective date

This bill updates the rules for how West Virginia deposits surplus money into the Revenue Shortfall Reserve Fund, which is used to cover future budget gaps. Effective July 1, 2024, the state will deposit the first half of any annual surplus revenue until the combined total of this fund and a related sub-account reaches 20% of the previous year's general revenue budget. Once that 20% threshold is met, no further deposits will be made until the combined balance falls below that level. The legislation also clarifies that the governor can request legislative approval to use these funds for revenue shortfalls or emergencies, and if the legislature does not act, the governor may instead reduce state spending. Additionally, the bill allows the governor to borrow from the fund without interest to ensure timely payments of state obligations, provided the borrowed amount is repaid within 90 days.