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| SPONSOR: | Carraro | DATE TYPED: | 02/05/01 | HB | |||
| SHORT TITLE: | Public School Capital Outlay Projects | SB | SJR 7 | ||||
| ANALYST: | Eaton | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY01 | FY02 | FY01 | FY02 | ||
| $ (500,000.0) | Non-Recurring | Severance Tax Permanent Fund | |||
| $ 500,000.0 | Non-Recurring | Public School Capital Outlay | |||
(Parenthesis ( ) Indicate Expenditure Decreases)
| Subsequent
Years Impacts |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
| negative --
see attached table |
Recurring | Severance Tax Permanent Fund | ||
| negative --
see attached table |
Recurring | General Fund | ||
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
State Investment Council (SIC)
SUMMARY
Synopsis of Bill
This bill proposes to amend the state Constitution to segregate $500 million dollars from the Severance Tax Permanent Fund (STPF) to a special fund, to be appropriated by the Legislature exclusively for public school capital outlay projects.
Significant Issues
A special election would have to be called for consideration by the voters for this bill to take effect on the date specified (July 1, 2001).
FISCAL IMPLICATIONS
A one time transfer from the Severance Tax Permanent Fund (STPF) would reduce STPF fund balances. This would have a negative impact on future general fund distributions. The following table and graph illustrate the estimated impacts of this bill.
Distributions to the general fund would be reduced by $777 million from FY05 through FY25.
JBE/ar