Fiscal Note - SB 0310 - Allows Financially Stressed Sch. Dist. to Place Proceeds From Sale of Property in Capital Projects or Incidental
L.R. NO. 1187-01
BILL NO. Truly Agreed To And Finally Passed SB 310
SUBJECT: Schools, Elementary and Secondary: Real Property
TYPE: Original
DATE: April 22, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials from the Department of Elementary and Secondary Education assume
the proposal would result in no cost to DESE or the schools.
Based on a response to a previous version of the proposal, officials from St.
Louis Public Schools assume the amount of fiscal impact is undeterminable at
this time. The proposal would allow additional funding flexibility in their
financially stressed situation should a sale of real property or nonrealty
occur.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
0 0 0
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
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 require the proceeds from the sale of nonrealty by school
districts defined as financially stressed, until July 1, 1998, be placed in
the incidental fund or the capital projects fund, with notice of the sale to
be included in the budget and education plan submitted to DESE, and on and
after July 1, 1998, any such proceeds shall be placed to the credit of the
capital projects fund. The proceeds from the sale of real property or
nonrealty and from leases by any other district would be placed in the
capital projects fund.
The proposal contains an emergency clause.
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
Department of Elementary and Secondary Education
St. Louis Public Schools
This Fiscal Note is not an official copy and should not be quoted or cited.