SB 85 - Under current law, excursion gambling boat proceeds deposited in the Gaming Proceeds for Education Fund (beyond the amount transferred to the School District Bond Fund) are directed to the State School Moneys Fund to be distributed through the foundation formula.
Under this act, beginning in Fiscal Year 2007 and upon condition of full funding of the foundation formula, 20% of the moneys from the Gaming Proceeds for Education Fund will be redirected into the Classroom Trust Fund, created by this act. Each subsequent year for four years, an additional 20% of those moneys will be directed to the Classroom Trust Fund until 100% of the gaming moneys go to that fund.
The act requires the chairs of the Senate Appropriations Committee and the House Budget Committee to determine whether sufficient moneys have been appropriated to achieve a proration factor of 1.0 in the equity portion of the formula. The act states that the gambling moneys must be replaced in the State School Moneys Fund by general revenue. The funds will be distributed on a per-pupil basis and may be used for teacher recruitment and retention, construction and repair of buildings, technology enhancements or instructional materials, school safety, and supplying additional funds for any required state or federal program.
This act similar to the perfected HB 288 (2003).