Public transit account-appropriation.

05LSO-0372.L1

                                                         

FISCAL NOTE

 

This bill contains an appropriation of $10,000,000 from the GENERAL FUND.

 

	FY 2006	FY 2007	FY 2008
NON-ADMINISTRATIVE IMPACT
Anticipated Revenue Increase:
PUBLIC TRANSIT ACCT – Separate Account	346,000	292,000	226,000

 

Source of Revenue Increase:  Interest from the corpus of the special account within the Public Transit Account.

 

Assumptions:  Rate of return is estimated at 3.79 percent for FY06, 3.83 percent for FY07, and 3.86 percent for FY08.  It is further assumed that one-half of the distributions occur at the beginning of the fiscal year and one-half of the distributions occur at the end of the fiscal year, in order to accurately estimate interest earnings.

 

Anticipated Expenditure Increase:
PUBLIC TRANSIT ACCT – Separate Account	1,750,000	1,950,000	2,150,000

 

Source of Expenditure Increase:  Public transit grants to eligible grantees.

 

Assumptions: 

1)  $10 million appropriation from the General Fund to a special account within the Public Transit Account.

2)  $10.7 million are allocated between FY06 and FY10.

3)  The additional $700,000 of revenue necessary to complete the allocations will be earned by interest on unallocated funds from the corpus of the special account within the Public Transit Account.

4)  Any remaining unobligated or unencumbered funds within the special account within the Public Transit Account on June 30, 2010 will revert to the General Fund, this is estimated to be up to $375,000, depending upon the timing of the grants and interest earnings.

 

 

 

Prepared by:   Don Richards, LSO           Phone:   777-7881 

(Information provided by Kevin Hibbard, Dept. of Transportation; phone:  777-4026.)