NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.
| SPONSOR: | Carraro | DATE TYPED: | 01/26/00 | HB | |||
| SHORT TITLE: | Public School Capital Outlay Projects | SB | SJR 8 | ||||
| ANALYST: | Eaton | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY99 | FY2001 | FY99 | FY2000 | ||
| $ 500,000.0 | Non-Recurring | STPF | |||
(Parenthesis ( ) Indicate Expenditure Decreases)
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY2001 | |||
| no impact | see ATTACHMENT | Recurring | General Fund | |
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
State Investment Council (SIC)
SUMMARY
Synopsis of Bill
This joint resolution proposes to amend the State Constitution to provide for a one-time transfer from the severance tax permanent fund to a special fund to be appropriated by the legislature exclusively for public school capital outlay projects. The amendment proposed shall be submitted to the people at the next general election or at any special election prior to that date which may be called for that purpose.
FISCAL IMPLICATIONS
The bill would have a negative impact on the general fund in FY 2002 of $2,350.0, and compounded negative impacts in subsequent fiscal years (See ATTACHMENT).
TECHNICAL ISSUES
The fund that would receive the distribution to be used by the legislature for appropriations is not specified. Presumably, the distribution amount and balances therein would be on deposit with the state treasurer until expended.
The joint resolution does not specify the disposition of interest earnings that may be earned while on deposit with the state treasurer. Unless the disposition of earnings is specified, they would be credited to the state general fund.
JE/njw
Attachment