Summary:

 Senate Bill380 (SB380) creates the Physicians Graduate Medical Education Trust Fund and the Physicians Graduate Medical Education Program Fund and makes a transfer from the General Fund to the Physicians Graduate Medical Education Trust Fund. 

Legislation Overview:

 Senate Bill380 (SB380) states that the "Physician Graduate Medical Education Trust Fund" is created as a non-reverting fund in the State Treasury. The Trust Fund consists of distributions, appropriations, gifts, grants and donations.  Income from the Trust Fund shall be credited to the Trust Fund.
Money from the fund shall be invested by the State Investment Officer. On July 1 of each year, a distribution shall be made from the Trust Fund to the Physician Graduate Medical Education Program Fund in an amount equal to five percent of the average of the year-end market values of the Trust Fund for the immediately preceding three calendar years.
There are limits on the distribution if the Fund is less than three years old.
The "physician graduate medical education program fund" is created in the state treasury. The health care authority shall administer the fund.  Money in the fund is subject to appropriation by the legislature to provide: (1)  for each fiscal year 2026 through 2028: (a)  up to two million five hundred thousand dollars ($2,500,000) for supporting physician graduate medical education programs located in rural and underserved areas that are in the process of developing applications with the body responsible for accrediting physician graduate medical education programs; (b)  up to five hundred thousand dollars ($500,000) for supporting physician graduate medical education programs located in rural and underserved areas that have been accredited by the body responsible for accrediting physician graduate medical education programs for less than one year; and (c)  up to the balance of the fund for further supporting physician graduate medical education programs located in rural and underserved areas that have been accredited by the body responsible for accrediting physician graduate medical education programs for more than one year; and,
(2)  for fiscal years beginning in fiscal year 2029, up to the balance of the fund for supporting physician graduate medical education programs located in rural and underserved areas that have been accredited by the body responsible for accrediting physician graduate medical education programs for more than one year.
Expenditures from the fund shall be by warrant of the Secretary of Finance and Administration pursuant to vouchers signed by the Secretary of Health Care Authority or the Secretary's authorized representative.
One hundred million dollars ($100,000,000) is transferred from the General Fund to the Physician Graduate Medical Education Trust Fund.