Fiscal Note - SB 0440 - Allows Districts With Debt Service Levy at or Above State Average to Make Certain Transfers For Lease Purchase Py
L.R. NO. 1745-01
BILL NO. SB 440
SUBJECT: Education, Elementary and Secondary
TYPE: Original
DATE: March 18, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
General Revenue (UNKNOWN) (UNKNOWN) (UNKNOWN)
Total Estimated
Net Effect on All
State Funds (UNKNOWN) (UNKNOWN) (UNKNOWN)
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 UNKNOWN UNKNOWN UNKNOWN
FISCAL ANALYSIS
ASSUMPTION
Officials from the Department of Elementary and Secondary Education (DESE)
assume the proposal would allow certain districts to earn additional state
aid through the foundation formula and would increase the cost to fully fund
the formula. A district would have to vote a levy in the teachers or
incidental fund, and have a debt service levy greater than or equal to the
state average. The increase to fully fund the formula could not be
estimated.
Officials from the State Tax Commission assume the proposal would have no
fiscal impact on them.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
GENERAL REVENUE FUND
Cost-Department of Elementary and Secondary
Education
Foundation Formula (UNKNOWN) (UNKNOWN) (UNKNOWN)
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
Income-School Districts
Foundation Formula UNKNOWN UNKNOWN UNKNOWN
FISCAL IMPACT - Small Business
No direct fiscal impact on small businesses would be expected as a result of
this proposal.
DESCRIPTION
The proposal would allow a school district to transfer from the incidental
fund to the capital projects fund an amount necessary to satisfy an
obligation of the capital projects fund if the school district levies a debt
service levy which is equal to or greater than the statewide average debt
service levy for preceding year.
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
State Tax Commission
This Fiscal Note is not an official copy and should not be quoted or cited.