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| | | APPROPRIATIONS/ALLOCATIONS |
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| | | General Fund | | ($4,410,596) |
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| | | This bill has a total General Fund cost of $4,700,596 in | | fiscal year 2000-01, $4,996,085 in fiscal year 2001-02 and | | $5,300,903 in fiscal year 2002-03. |
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| | | This bill increases the amounts set aside in the Local | | Government Fund from General Fund revenue resulting in reductions | | of General Fund revenue of $4,184,434 in fiscal year 2000-01, | | $4,443,651 in fiscal year 2001-02 and $4,713,724 in fiscal year | | 2002-03. The annual growth ceiling for the distribution of | | state-municipal revenue sharing is estimated to be $106,355,582 | | in fiscal year 2000-01, $106,703,078 in fiscal year 2001-02 and | | $109,370,655 in fiscal year 2002-03. Amounts transferred to the | | Local Government Fund in excess of the ceiling will be | | transferred to the Disproportionate Tax Burden Fund. The amounts | | in excess of the ceiling are estimated to be $4,531,930, | | $11,053,661 and $15,543,034, respectively. The Office of the | | Treasurer of State will incur additional costs of approximately | | $5,000 in fiscal year 2000-01 for computer programming to | | implement the distribution from the Disproportionate Tax Burden | | Fund with a different formula. These costs will be paid from the | | amounts set aside in the Local Government Fund. The first | | distribution to municipalities from the Disproportionate Tax | | Burden Fund is projected to be in July 2001, fiscal year 2001-02. |
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| | | This bill also expands eligibility under the farm and open | | space tax laws as a result of the reduction of the acreage | | threshold, provides reimbursement for 90% of the tax revenue loss | | associated with valuation under the farm and open space tax laws | | and combines the Tree Growth Tax Reimbursement program with this | | new reimbursement into one program called Current Use Valuation | | Tax Reimbursement. A General Fund deappropriation of $5,500,000 | | in fiscal year 2000-01 is included to reflect the transfer of | | funds to the new program. A General Fund appropriation of | | $5,790,000 in fiscal year 2000-01 is included to reflect the | | transfer of funds from the Tree Growth Tax Reimbursement program | | and to provide funding for the new reimbursement of 90% of the | | revenue loss under the farm and open space tax laws including the |
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