SB 0461 - Fiscal Note

Fiscal Note - SB 0461 - Revises school district debt limit and allowed investments

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO.: 1924-02

BILL NO.: Perfected SB 461

SUBJECT: Education, Elementary and Secondary: Debt Limit

TYPE: Original

DATE: March 25, 1999

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FISCAL SUMMARY

ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
None	$0	$0	$0
Total Estimated Net Effect on All State Funds	$0	$0	$0

ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
None	$0	$0	$0
Total Estimated Net Effect on All Federal Funds	$0	$0	$0

ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
Local Government	$0	$0	$0

Numbers within parentheses: ( ) indicate costs or losses

This fiscal note contains 2 pages.

FISCAL ANALYSIS

ASSUMPTION

Officials from the State Tax Commission assume the proposal would result in no fiscal impact to them.

Officials from the Department of Elementary and Secondary Education (DESE) assume the proposal would result in no fiscal impact to DESE or school districts. They assume the proposal would make the statutory language consistent with a constitutional amendment which was approved last April.

FISCAL IMPACT - State Government	FY 2000	FY 2001	FY 2002
	(10 Mo.)
	0	0	0
FISCAL IMPACT - Local Government	FY 2000	FY 2001	FY 2002
	(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

School district debt limit could not exceed 15% of the value of taxable tangible property (10% under current law).

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

Jeanne Jarrett, CPA

Director

March 25, 1999