COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 0901-01
Bill No.: SB 299
Subject: Tobacco Settlement Trust Fund
Type: Original
Date: February 6, 2001
FISCAL SUMMARY
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
General Revenue | ($319,000,000) | ($162,000,000) | ($164,000,000) |
Missouri Tobacco Settlement Trust | $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 Office of Administration's Division of Accounting stated that they would establish an Internet website existing resources.
Officials of the Department of Health, the Department of Mental Health, the Department of Revenue, the State Treasurer and the Department of Social Services stated the proposal would not directly affect their agencies.
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 and tobacco companies. Monies in the Fund would not revert to general revenue at the end of the biennium.
The General Assembly would not decide how to spend moneys deposited into the Fund until after the people vote on a constitutional amendment 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 Health
Department of Mental Health
Department of Revenue
Department of Social Services
Office of Administration
State Treasurer
Jeanne Jarrett, CPA
Director
February 6, 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 |