NOTE:  As provided in LFC policy, this report is intended only 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 for other purposes.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

SPONSOR:

Beam

 

DATE TYPED:

02/20/03

 

HB

567

 

SHORT TITLE:

Faculty Endowment Fund

 

SB

 

 

 

ANALYST:

Williams

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

 

$2,000.0

 

 

Non-Recurring

General

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

Duplicates SB 455:  Faculty Development Fund

Relates to

SB 466:  Economic Development Professorships

HB 391/SB 366:  LFC Technology Enhancement Fund

HB 392/SB 370:  LFC Higher Education Program Development Enhancement Fund

HB 393/SB 369:  LFC Work Force Skills Development Fund

HB 394/SB 368:  LFC Work Force Skills Development Fund

HJM 27/SJM 25:  LFC Higher Education Performance Fund

HB 160/SB 221:  Work Force Skills Development Fund

 

SOURCES OF INFORMATION

 

LFC Files

Commission on Higher Education (CHE)

 

SUMMARY

 

     Synopsis of Bill

 

Senate Bill 455 appropriates $2,000.0 from the General Fund to the CHE for the faculty endowment fund. 

 

FISCAL IMPLICATIONS

 

The appropriation of $2,000.0 contained in this bill is a non-recurring expense to the general fund.  Any unexpended or unencumbered balance remaining at the end of the fiscal year shall not revert. 

 

OTHER SUBSTANTIVE ISSUES

 

CHE notes the mechanism authorized in this bill is consistent with the Blue Ribbon Task Force on Higher Education-recommended Base Plus Incentives funding approach.

 

The faculty endowment fund was created during the 2002 legislative session.

 

AW/ls