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Funding for multi-lane highways. |
03LSO-0025.C1 |
FISCAL NOTE (HB0022)
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FY 2005 |
FY 2006 |
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NON-ADMINISTRATIVE IMPACT |
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Anticipated Revenue Increase (Decrease): |
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HIGHWAY FUND - MULTI-LANE |
14,000,000 |
14,000,000 |
14,000,000 |
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BUDGET RESERVE ACCOUNT |
(9,400,000) |
(9,400,000) |
(9,400,000) |
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GENERAL FUND |
(2,300,000) |
(2,300,000) |
(2,300,000) |
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SCHOOL FOUNDATION FUND |
(2,300,000) |
(2,300,000) |
(2,300,000) |
Source of revenue increase (decrease):
Redistribution of $7 million in severance taxes and $7 million in federal mineral royalties each year to the multi-lane highway account within the Highway Fund.
Assumptions:
The above estimates are based on October 2002 CREG projections.
Redistribution of $7 million in severance taxes will impact severance tax distribution over the $155 million cap. Severance taxes over the $155 million cap are distributed one-third to the General Fund and two-thirds to the Budget Reserve Account.
Redistribution of $7 million in federal mineral royalties will impact the FMR distribution over the $200 million cap. FMR’s over the $200 million cap are distributed one-third to the School Foundation Program and two-thirds to the Budget Reserve Account.
This bill establishes a new multi-lane highway account within the Highway Fund. Funds within the multi-lane highway account will be used solely for the purposes of construction and maintenance of multi-lane state highways within the state.
This bill is effective July 1, 2003
Prepared by: Dean Temte, LSO Phone: 777-7881
This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements. As introduced, the bill does not modify any state agency budget or current personnel authorizations. The following state agencies may be affected administratively:
Department of Revenue