Abandoned mine land funds account.

07LSO-0559.L1

FISCAL NOTE

This bill creates Abandoned Mine Land Funds Reserve Account.

All funds received from the federal government pursuant to the passage of the Surface Mining Control and Reclamation Act Amendments of 2006, shall be deposited into this proposed account. All funds deposited in this account (and all interest generated on those funds) shall remain in the account until appropriated by the legislature.

Below are current preliminary estimates of the distributions that this account could receive over the next three federal fiscal years. Since the federal fiscal year runs from October 1 through September 30, these distributions could lag by one year on the state fiscal year basis.

$87.4 million in federal FY 2008 (state FY 2008 or FY 2009)

$94.8 million in federal FY 2009 (state FY 2009 or FY 2010)

$116.6 million in federal FY 2010 (state FY 2010 or FY 2011) 

The actual distributions to this account from the federal government are also subject to a $490 million ceiling and availability of “unappropriated” funds in the U.S. Treasury. The impact of these stipulations on the above estimates is unknown.

The method and timing of these distributions from the federal government are also unknown, as the Office of Surface Mining still needs to promulgate rules and regulations regarding the distribution.

Prepared by:   Dean Temte, LSO    Phone:   777-7881

(Information provided by Evan Green, DEQ; phone 777-7062)