Section 10-7-12 - Government cost savings incentive awardA. As used in this section: (1) "actual cost savings" means realized, not projected, cost savings substantiated by documentation; (2) "award" means a government cost savings incentive award; (3) "economy" includes maximizing the purchasing value of public funds; (4) "efficiency" includes a significant reduction in paperwork and the elimination of unnecessary rules, regulations and procedures; and (5) "state agency" means any office, department, institution, school district, board, commission, court, district attorney, council or committee of state government which receives appropriations and is authorized expenditures pursuant to a general appropriation act. B. A state agency may provide an award to any employee whose accomplishment or written suggestion beyond the scope of his responsibility contributes to the efficiency, economy or improvement of agency operations and results in actual cost savings to the agency. C. An award pursuant to this section shall: (1) be paid only from actual cost savings; (2) be paid only on the payday immediately following the first full pay period succeeding the award or immediately prior to separation or transfer from the agency; and (3) be paid one time based on actual cost savings in an amount not to exceed the lesser of: (a) two thousand dollars ($2,000); or (b) an amount equal to ten percent of the actual cost savings attributable to the employee in the twelve-month period immediately preceding the award or a lesser period preceding the award, if appropriate. D. Documentation substantiating awards pursuant to this section shall be submitted to the state personnel board which shall, as necessary or appropriate, prescribe regulations and review proposed awards made under this section and procedures used in making the awards to verify the cost savings for which the awards were made. E. The state personnel board shall report by September 1 of each year to the legislative finance committee all awards paid and savings realized under this act [this section].