COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 0131-01
Bill No.: SB 119
Subject: Treasurer, State: Tobacco Settlement
Type: Original
Date: January 2, 2001
FISCAL SUMMARY
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Missouri Tobacco Settlement Trust | $319,000,000 | $162,000,000 | $164,000,000 |
| General Revenue | ($319,000,000) | ($162,000,000) | ($164,000,000) |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
ASSUMPTION
Officials of the Department of Revenue, the Department of Social Services, the Department of Health, the Department of Mental Health and the State Treasurer, in responses to this or similar proposals, stated that their agencies would not be directly affected by the proposal or that their duties under this proposal could be accomplished with existing resources.
Oversight assumes that tobacco settlement funds would be deposited into the General Revenue Fund in the absence of this proposal. Oversight also notes that Missouri's tobacco settlement funds have been, thus far, deposited in an escrow fund and assumes that payments for 1998 through 2000 would be deposited at one time and payments for 2001 would also be made during FY 2002; therefore the figure for FY 2002 represents three years worth of estimated payments. (There were no payments in calendar 1999.)
| FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| MISSOURI TOBACCO SETTLEMENT TRUST FUND | |||
| Income - Tobacco Settlement Revenue | $319,000,000 | $162,000,000 | $164,000,000 |
| GENERAL REVENUE FUND | |||
| Loss - Tobacco Settlement Revenue | ($319,000,000) | ($162,000,000) | ($164,000,000) |
| FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $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 tobacco companies in settlement of a dispute between Missouri DESCRIPTION (continued)
and tobacco companies. Monies in the Fund would not revert to general revenue at the end of the biennium.
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 Health
Department of Mental Health
Department of Revenue
Department of Social Services
State Treasurer
Jeanne Jarrett, CPA
Director
January 2, 2001
| Year | OA - B&P | Governors | 3% CPI Increase | ||
| Association | |||||
| 1998 | $54,590,426 | $54,590,426 | $54,590,426 | ||
| 1999 | $0 | $0 | $0 | ||
| 2000 | $129,451,392 | $145,841,736 | $150,216,988 | ||
| 2001 | $135,420,621 | $157,485,647 | $167,076,523 | ||
| 2002 | $162,447,798 | $189,094,295 | $206,623,336 | ||
| 2003 | $164,044,888 | $190,883,868 | $214,820,705 | ||
| 2004 | $143,399,390 | $159,313,061 | $184,659,769 | ||
| 2005 | $144,834,156 | $159,313,061 | $190,203,864 | ||
| 2006 | $146,278,082 | $159,313,061 | $195,907,271 | ||
| 2007 | $147,740,792 | $159,313,061 | $201,785,923 | ||
| 2008 | $164,693,218 | $175,833,051 | $181,916,875 | ||
| 2009 | $166,353,707 | $175,833,051 | $236,266,871 | ||
| 2010 | $168,003,541 | $175,833,051 | $243,352,943 | ||
| 2011 | $169,675,393 | $175,833,051 | $250,667,598 | ||
| 2012 | $171,378,869 | $175,833,051 | $261,340,664 | ||
| 2013 | $173,100,158 | $175,833,051 | $265,929,906 | ||
| 2014 | $174,833,563 | $175,833,051 | $273,895,144 | ||
| 2015 | $176,602,091 | $175,833,051 | $282,124,130 | ||
| 2016 | $178,364,609 | $175,833,051 | $290,581,700 | ||
| 2017 | $180,168,255 | $175,833,051 | $299,303,019 | ||
| 2018 | $188,424,839 | $182,059,072 | $319,204,171 | ||
| 2019 | $190,339,585 | $182,059,072 | $328,780,478 | ||
| 2020 | $192,257,965 | $182,059,072 | $338,629,874 | ||
| 2021 | $194,207,025 | $182,059,072 | $348,788,770 | ||
| 2022 | $196,152,138 | $182,059,072 | $359,257,167 | ||
| 2023 | $198,156,125 | $182,059,072 | $370,035,064 | ||
| 2024 | $200,180,829 | $182,059,072 | $381,140,667 | ||
| 2025 | $202,222,663 | $182,059,072 | $392,573,977 | ||
| Total | $4,513,322,118 | $4,589,951,302 | $6,989,673,821 |