1. A cash reserve fund is created in the state treasury. The cash reserve fund shall be separate from the general fund of the state and shall not be considered part of the general fund of the state. The moneys in the cash reserve fund are not subject to section 8.33 and shall not be transferred, used, obligated, appropriated, or otherwise encumbered except as provided in this section. Notwithstanding section 12C.7, subsection 2,interest or earnings on moneys deposited in the cash reserve fund shall be credited to the rebuild Iowa infrastructure fund created in section 8.57. Moneys in the cash reserve fund may be used for cash flow purposes during a fiscal year provided that any moneys so allocated are returned to the cash reserve fund by the end of that fiscalyear. 2. The maximum balance ofthe cash reserve fund isthe amount equal to the cash reserve goal percentage, as defined in section 8.57, multiplied by the adjusted revenue estimate for the general fund of the state for the current fiscal year. 3. The moneys in the cash reserve fund shall only be used pursuant to an appropriation made by the general assembly. An appropriation shall be made in accordance with subsection 4 only for the fiscal year in which the appropriation ismade. The moneys shall only be appropriated by the general assemblyfor nonrecurring emergency expenditures and shall not §8.56,DEPARTMENT OF MANAGEMENT — BUDGET AND FINANCIAL CONTROL ACT 28 be appropriated for payment of any collective bargaining agreement or arbitrator’s decision negotiated or awarded under chapter 20. 4. a. Except as provided in subsection 1, an appropriation shall not be made from the cash reserve fund unless the appropriation is in accordance with allof the following: (1) The appropriation iscontained ina billor joint resolution in which the appropriation isthe only subject matter of the billor joint resolution. (2) The billor joint resolution states the reasons the appropriation isnecessary. b. In addition to the requirements of paragraph “a”, an appropriation shall not be made from the cash reserve fund which would cause the fund’s balance to be less than three and three-fourths percent of the adjusted revenue estimate for the year for which the appropriation is made unless the bill or joint resolution is approved by vote of at least three-fifths of the members of both chambers of the general assembly and is signed by the governor. –31; 2002 Acts, 2nd Ex, ch 1001, §27, 33; 2003 Acts, ch 179, §40; 2024 Acts, ch 1185, §22
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