Section 9. Fund reimbursement.
The Commonwealth shall reimburse each public fund for their net losses, costs and expenses incurred as a result of compliance with the provisions of this act. The reimbursements shall occur in the following manner:
(1) The public fund shall submit to the Secretary of the
Budget an itemization of the amount necessary to be
appropriated by the General Assembly to reimburse the public
fund for their net losses, costs and expenses incurred as a
result of compliance with the provisions of this act in the
previous fiscal year. To the extent the public fund
experiences net gains as a result of compliance with the
provisions of this act in a fiscal year, the net gains shall
be used to offset any reported costs or expenses incurred by
the public fund.
(2) In consultation with each public fund, the Secretary
of the Budget shall annually establish a uniform method for
the determination of gains and losses. The method shall be
used by each public fund in making a claim for reimbursement
under this section. The budget submission shall be on a form
and in a manner determined by the secretary of the budget,
including net losses, along with an itemized accounting of
all costs and expenses claimed by the public fund. Budget
submission shall occur no later than November 1 following the
fiscal year in which the net losses, costs and expenses were
incurred.
(3) Upon appropriation by the General Assembly to
provide for the obligations of the Commonwealth, the amount
shall be paid by the State Treasurer through the Department
of Revenue into the public fund within 90 days of receipt of
the requisition presented by the public fund.