JOINT REVENUE INTERIM COMMITTEE

 

Standard Budget:   $35,000.00

 

Priority #: 1 Local government funding issues.

 

(a)  The Committee will undertake a study of the mechanisms available for revenue generation to cities, towns and counties including all sources of revenues (government receipts, enterprise funds, savings and reserves, etc.). This topic will also include discussion of the abilities of local governments to gain and maintain financial stability and general local government funding issues.

 

(b)  The Committee will study sales tax distributions back to local governments and the concept of power equalization.

 

Priority #: 2 Revenue study.

 

The Committee will make a historical review of state revenues from major revenue sources including cyclic fluctuations and the amplitude experienced with each revenue source. The review will include consideration of the degree to which fluctuations in major revenue sources move counter or in sync with each other. The Committee will consider the implications that the results of the study may have on the spending and reserve policies of the state legislature. This topic will include a general review of revenue and revenue issues for new members of the Committee.

 

Priority #: 3 Tax exemptions.

 

The Committee will undertake a general review of tax exemptions, including the consideration of the development of a policy or framework for reviewing the implementation and review of new and existing tax exemptions. This topic may include the formation of a group similar to the CREG which would be a multi-agency group tasked with reviewing the goals desired for each exemption and measuring whether the exemption is achieving those goals and may also include the use or development of an econometric model for the review of tax exemptions. The Committee will also consider the ability of the Bureau of Economic Analysis to analyze the economic costs and benefits of a particular exemption in terms of economic benefits relative to the cost of the exemption. This topic will also include consideration of the exemption for charities and non-profit groups and other specific exemptions after the development of a framework for consideration of tax exemptions.

 

Priority #: 4 Investment of local government reserve funds.

 

This topic will involve consideration of issues related to the ability of local governments to invest reserve funds with the State Treasurer. The Committee will consider enabling legislation for investment of reserve funds as necessary.

 

Priority #: 5 Liens.

 

The Committee will review the lien superiority for liens on mineral production taxes compared with lien superiority on other classes of property. This topic will include review of the process of recording sales of mineral companies compared to recording sales of other classes of property.

 

Tentative Meeting Schedule

May 19-20 Rawlins/Saratoga.

September 10-11 Buffalo.

November 19-20 Cheyenne