trust land proceeds and
income
SCR 1005 refers to the ballot the changes that were made to the uses of the earnings from the state school trust land fund by Laws 2000, 5th Special Session, Chapter 1 (Education 2000). Any expendable earnings above the earnings in FY 2000-2001 are deposited in the classroom site fund.
Revenues earned from state trust land are classified as either permanent or expendable. Revenues derived from the sale of state trust land and the sale of natural products (such as sand, gravel, water and fuel wood) are deposited in the permanent trust fund and are invested by the State Treasurer in stocks bonds and interest-bearing securities. At the end of FY 2000, monies in the permanent fund totaled $1.01 billion. The investment income from the permanent fund and the income from leases are expendable revenues for use by the state trust land beneficiaries.
Laws 1998, 5th Special Session, Chapter 1 (Students FIRST) provided that from and after June 30, 1999 expendable revenues from the K-12 state trust land fund would be spent to 1) secure any state school facilities revenue bond debt service; 2) subject to legislative appropriation be used to fund new school facilities; and 3) fund basic state aid. Laws 2000, 5th Special Session, Chapter 1 (Education 2000) capped the amount of the fund that could be used to fund any of the three priorities above to the FY 2000-2001 level and provided that any expendable earnings that exceeded the FY 2000-2001 earnings would be placed in the classroom site fund.
SCR 1005 refers to the ballot the changes that were made to the uses of the earnings from the state school trust land fund by Laws 2000, 5th Special Session, Chapter 1 (Education 2000). Any expendable earnings above the earnings in FY 2000-2001 are deposited in the classroom site fund. By referring these changes to the ballot, the classroom site fund monies would be protected from being diverted to other uses in the future without another vote of the people.
The JLBC estimate for the FY 2000-2001 level of the state school trust land used to fund assistance to schools (basic state aid) is $74.9 million. For FY 2001-2002, JLBC estimates the growth that will be dedicated to the Classroom Site Fund at $2.2 million and for FY 2002-2003 at $6.0 million.
· Refers to the ballot the changes that were made to the uses of the earnings from the state school trust land fund by Laws 2000, 5th Special Session, Chapter 1 (Education 2000). Any expendable earnings above the earnings in FY 2000-2001 are deposited in the classroom site fund. By referring these changes to the ballot, the classroom site fund monies would be protected from being diverted to other uses in the future without another vote of the people.
· Adds a Legislative Intent statement that states these monies are met to supplement not supplant existing education funding.