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| SPONSOR: | Sanchez | DATE TYPED: | 2-19-99 | HB | |||
| SHORT TITLE: | Lottery Revenue for Scholarships | SB | 14 | ||||
| ANALYST: | Taylor | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| N.A. | $ (16.5) | $ (17.3) | Recurring | General Fund |
| N.A. | $ 9.9 | $ 10.4 | Recurring | School Capital |
| N.A. | $ (6.6) | $ (6.9) | Recurring | Lottery Tuition |
| N.A. | $ 6.6 | $ 6.9 | Recurring | Leg. Success Scholarship |
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to HB-9,HB-81, HB-258, SB13, SB126, SB-252
SOURCE OF INFORMATION
Synopsis of Bill
Senate Bill 14 proposes naming the scholarship program receiving moneys from the lottery "legislative success scholarships. Also, it would create a new fund called the Legislative Scholarship Fund. Finally, the bill eliminates the sunset provisions relating to the distribution of the funds.
The proposed changes would become effective in FY 2000.
FISCAL IMPLICATIONS
The New Mexico Lottery Authority's FY 2000 revenue estimate is $93.5 million, with $16.5 million in net revenue available for distribution to the state. Absent the elimination of the sunset clause pertaining to the distribution of net revenues, net revenue would go to the state's general fund. Thus, the table at the top of the page shows a hypothetical loss to the general fund and hypothetical gains to the public school capital and legislative success scholarship funds. (While the scholarship program name change proposed in this legislation would not have any real effect on the purposes for which lottery revenue is currently earmarked, the table shows a loss to the lottery tuition fund offset by a gain to the legislative scholarship fund.)
BT/gm