Analysis

Synopsis:

 Senate Bill 392 (SB 392) transfers above-trend revenue in the General Fund to 1) the College Affordability Endowment Fund, 2) the Teacher Preparation Affordability Scholarship Fund, 3) the Early Childhood Education and Care Fund, 4) the State Road Fund, 5) the Severance Tax Permanent Fund, and 6) the Rural Libraries Endowment Fund. SB 392 provides distribution guidelines.

Analysis:

 Senate Bill 392 (SB 392) requires the transfer of above-trend General Fund revenue into certain funds under the specific conditions provided in this act.

Ten-Year Average Growth of the General Fund means: 
•	the sum of the annual percentage change in total revenue and transfers to the General Fund in the immediately preceding ten fiscal years, divided by ten.

Guidelines:
•	If at the end of a fiscal year the total revenue and transfers to the General Fund in that fiscal year are greater than five-percent above the ten-year average growth of the General Fund, the excess amount will be transferred as follows:

(1) thirty percent (30%) to the College Affordability Endowment Fund; 

(2) twenty percent (20%) to the Teacher Preparation Affordability Scholarship Fund; 

(3) twenty percent (20%) to the Early Childhood Education and Care Fund; 

(4) ten percent (10%) to the State Road Fund; 

(5) ten percent (10%) to the Severance Tax Permanent Fund; and 

(6) ten percent (10%) to the Rural Libraries Endowment Fund. 



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