Section 388.1611a - School aid stabilization fund; creation; deposit; expenditure; investment; money remaining at close of fiscal year; shortfall; full funding(1) The school aid stabilization fund is created as a separate account within the state school aid fund.(2) The state treasurer may receive money or other assets from any source for deposit into the school aid stabilization fund. The state treasurer shall deposit into the school aid stabilization fund all of the following: (a) Unexpended and unencumbered state school aid fund revenue for a fiscal year that remains in the state school aid fund as of the bookclosing for that fiscal year.(b) Money statutorily dedicated to the school aid stabilization fund.(c) Money appropriated to the school aid stabilization fund.(3) Money available in the school aid stabilization fund may not be expended without a specific appropriation from the school aid stabilization fund. Money in the school aid stabilization fund must be expended only for purposes for which state school aid fund money may be expended.(4) The state treasurer shall direct the investment of the school aid stabilization fund. The state treasurer shall credit to the school aid stabilization fund interest and earnings from fund investments.(5) Money in the school aid stabilization fund at the close of a fiscal year remains in the school aid stabilization fund and does not lapse to the unreserved school aid fund balance or the general fund.(6) If the maximum amount appropriated under section 11 from the state school aid fund for a fiscal year exceeds the amount available for expenditure from the state school aid fund for that fiscal year, there is appropriated from the school aid stabilization fund to the state school aid fund an amount equal to the projected shortfall as determined by the department of treasury, but not to exceed available money in the school aid stabilization fund. If the money in the school aid stabilization fund is insufficient to fully fund an amount equal to the projected shortfall, the state budget director shall notify the legislature as required under section 296(2) and state payments in an amount equal to the remainder of the projected shortfall must be prorated in the manner provided under section 296(3).(7) For 2023-2024, in addition to the appropriations in section 11, there is appropriated from the school aid stabilization fund to the state school aid fund the amount necessary to fully fund the allocations under this article.Amended by 2023, Act 103,s 6, eff. 10/1/2023.Amended by 2022, Act 144,s 6, eff. 10/1/2022.Amended by 2021, Act 48,s 5, eff. 7/13/2021.Amended by 2020, Act 165,s 5, eff. 10/1/2020.Amended by 2019, Act 58,s 5, eff. 10/1/2019.Amended by 2018, Act 265,s 3, eff. 10/1/2018.Amended by 2017, Act 108,s 6, eff. 10/1/2017.Amended by 2016, Act 249,s 5, eff. 10/1/2016.Amended by 2015, Act 85,s 4, eff. 10/1/2015.Amended by 2014, Act 196,s 4, eff. 10/1/2014.Amended by 2013, Act 60,s 3, eff. 10/1/2013.Amended by 2012, Act 201,s 5, eff. 10/1/2012.Amended by 2012, Act 29,s 3, eff. 2/24/2012.Amended by 2011, Act 62,s 4, eff. 10/1/2011.Amended by 2010, Act 110,s 4 , eff. 10/1/2010.Amended by 2009, Act 121,s 4 , eff. 10/19/2009.Amended by 2008, Act 268,s 5 , eff. 10/1/2008.Amended by 2007, Act 137,s 5 , eff. 11/8/2007.Amended by 2006, Act 342, s 4, eff. 10/1/2006.Amended by 2005, Act 155, s 5, eff. 10/1/2005.Amended by 2005, Act 98, s 2, eff. 7/22/2005.Added by 2003, Act 158, s 5, eff. 10/1/2003.