Education reserve funding.

09LSO-0341.C1

FISCAL NOTE

This bill requires that any unobligated, unencumbered funds remaining in the School Foundation Program Account (SFP) in excess of $100 million as of June 30 of any fiscal year shall be transferred to the School Capital Construction Account. These transfers would begin with the fiscal year ending June 30, 2009.

This bill also requires any unencumbered, unobligated funds in the School Capital Construction Account in excess of 50% of the amount of funds appropriated for construction projects and major maintenance for the current biennium shall be transferred to the Common School Permanent Land Fund. This transfer would take place as soon as practicable after the end of the biennium. This transfer would begin after the end of the 2009-10 biennium.

This bill repeals 2008 Session Laws, Chapter 48, Section 321, which transfers any unobligated, unencumbered funds remaining in the School Foundation Program Account (SFP) in excess of $100 million to the Common School Permanent Land Fund on June 30, 2010.

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