This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0685 - Allows certain school districts to make additional transfers of operating funds for capital projects
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 2332-01
BILL NO. SB 685
SUBJECT: Education, Elementary and Secondary: Capital Projects
TYPE: Original
DATE: January 20, 1998
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 1999
FY 2000
FY 2001 None
$0
$0
$0 Total Estimated
$0
$0
$0
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| None | $0 | $0 | $0 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials from the State Tax Commission assume the proposal would have no fiscal impact on the agency.
Officials from the Department of Elementary and Secondary Education (DESE) assume the proposal would have no fiscal impact to DESE or school districts.
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Local Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
The proposal would delete the requirement that school district transfers from the incidental fund to the capital projects fund only be transferred as necessary to satisfy the obligations of the capital projects fund.
In order for school districts to transfer funds from the incidental fund to the capital projects fund, the proposal would require districts to maintain minimum ending balances in the combined teachers' and incidental funds, a specified adjusted operating levy, and minimum amounts for instructional capital outlay.
On or before June 30, 1999, the proposal would allow transfers to the capital projects fund from teachers' and incidental funds any amount, but only to the extent that the amount transferred is equal to or less than the amount that the teachers' and incidental fund unrestricted fund balances on June 30, 1995, exceeded eight percent of expenditures from the teachers' and incidental funds for the year ending June 30, 1995.
DESCRIPTION (Continued)
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
State Tax Commission
Department of Elementary and Secondary Education
Jeanne Jarrett, CPA
Director
January 20, 1998