COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 2775-05
BILL NO.: Perfected SS for SB 549
SUBJECT: Tobacco Settlement Trust Fund
TYPE: Original
DATE: February 2, 2000
FISCAL SUMMARY
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Missouri Settlement | $143,200,000 | $172,000,000 | $173,500,000 |
| General Revenue | ($143,200,000) | ($172,000,000) | ($173,500,000) |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
ASSUMPTION
Officials of the State Treasurer, in their response to an identical proposal, stated that the proposal would establish a new accounting fund and would increase the number of transactions processed through the accounting system. It would also increase the amount of funds available for investment. The Treasurer's office would carry out its duties under this proposal with existing resources.
Officials of the Office of Administration's Division of Accounting, in responses to similar proposals, stated that they would establish an Internet website with a link from the Division of Accounting home page to display the information required by the proposal. This would be done with existing resources.
Officials of the Department of Health, the Department of Mental Health, the Department of Revenue, and the Department of Social Services stated the proposal would not directly affect their agencies.
Oversight assumes that settlement funds would be deposited into the General Revenue Fund in the absence of this proposal.
FISCAL IMPACT - State Government FY 2001 FY 2002 FY 2003
MISSOURI SETTLEMENT TRUST FUND
Income - tobacco settlement funds $143,200,000 $172,000,000 $173,500,000
GENERAL REVENUE FUND
Loss - tobacco settlement funds ($143,200,000) ($172,000,000) ($173,500,000)
FISCAL IMPACT - Local Government FY 2001 FY 2002 FY 2003
$0 $0 $0
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal would create the "Missouri Settlement Trust Fund". The State Treasurer would deposit all moneys received from by the state of Missouri from awards or settlements into the Fund. Monies in the Fund would not revert to general revenue at the end of the biennium.
The General Assembly would not appropriate moneys deposited into the Fund without additional constitutional authority specifying how the money would be spent or January 3, 2001, whichever occurs sooner.
The Commissioner of Administration would maintain data on receipts to the Fund. The Commissioner would update the data at least quarterly and would make the data available on the Internet.
This 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. The proposal would not directly affect Total State Revenues.
SOURCES OF INFORMATION
Department of Mental Health
Department of Health
Department of Revenue
Department of Social Services
Jeanne Jarrett, CPA
Director
February 2, 2000