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CSSB 97(FIN): "An Act authorizing additional appropriations for public education and for community revenue sharing based on the price of Alaska North Slope crude oil, and adjusting the formula for payments to communities; and providing for an effective date."

00                       CS FOR SENATE BILL NO. 97(FIN)                                                                    
01 "An Act authorizing additional appropriations for public education and for community                                    
02 revenue sharing based on the price of Alaska North Slope crude oil, and adjusting the                                   
03 formula for payments to communities; and providing for an effective date."                                              
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 14.17 is amended by adding a new section to read:                                                  
06            Sec. 14.17.305. Additional education funding based on oil prices. (a) The                                  
07       legislature may appropriate to the Department of Education and Early Development                                  
08       for distribution during the following fiscal year as state aid to public school districts,                        
09       according to the district average daily membership adjusted under                                                 
10       AS 14.17.410(b)(1)(A) - (D), an additional amount equal to $5,000,000 multiplied by                               
11       the amount, rounded to the nearest whole dollar, that the average price of Alaska                                 
12       North Slope crude oil for each fiscal year exceeds the trigger price for oil for each                             
13       fiscal year calculated under (b) of this section.                                                                 
14            (b)  For the purpose in (a) of this section, the legislative finance division shall                          
01       calculate the trigger price of oil for each fiscal year by                                                        
02                 (1)  determining the amount appropriated from the unrestricted general                                  
03       fund for the fiscal year, excluding the amount appropriated                                                       
04                      (A)  for community revenue sharing under AS 29.60.855(d);                                          
05                      (B)  for additional state aid to public schools under this section;                                
06            and                                                                                                          
07                      (C)  to the budget reserve fund (AS 37.05.540(a));                                                 
08                 (2)  estimating the price of oil necessary to fund the appropriations                                   
09       under (1) of this subsection using the most recent oil price and production figures                               
10       available from the Department of Revenue;                                                                         
11                 (3)  rounding the price of oil estimated under (2) of this subsection to                                
12       the nearest whole dollar; and                                                                                     
13                 (4)  adding $2 to the estimated price of oil under (3) of this subsection.                              
14            (c)  This section does not create a dedicated fund.                                                          
15    * Sec. 2. AS 29.60.850(b) is amended to read:                                                                      
16            (b)  Each fiscal year, the legislature may appropriate to the community revenue                              
17       sharing fund an amount equal to 20 percent of the money received by the state during                              
18       the previous calendar year under AS 43.55.011(g). The amount may not exceed                                       
19                 [(1)  $60,000,000; OR                                                                                   
20                 (2)]  the amount that, when added to two-thirds of the fund balance on                              
21       June 30 of the previous fiscal year, equals $180,000,000.                                                         
22    * Sec. 3. AS 29.60.855(a) is amended to read:                                                                      
23            (a)  The department shall calculate the basic amount used for determining the                                
24       basic community revenue sharing payment for a fiscal year by applying the following                               
25       formula: the amount available for payments for that fiscal year under AS 29.60.850(c)                             
26       and (d) of this section, minus 60,000,000, divided by 60,000,000, plus one,                                   
27       multiplied by 384,000. However, if the amount calculated is less than $220,000, the                               
28       basic amount for that fiscal year is $220,000.                                                                    
29    * Sec. 4. AS 29.60.855 is amended by adding a new subsection to read:                                              
30            (d)  The legislature may appropriate an additional amount to the Department of                               
31       Commerce, Community, and Economic Development for community revenue sharing                                       
01       payments equal to $5,000,000 multiplied by the amount that the average price of                                   
02       Alaska North Slope crude oil, rounded to the nearest whole dollar, for each fiscal year                           
03       exceeds the trigger price for oil for the fiscal year calculated under this subsection,                           
04       subject to the following:                                                                                         
05                 (1)  the legislative finance division, using the most recent oil price and                              
06       production figures available from the Department of Revenue, shall calculate the                                  
07       trigger price of oil for each fiscal year by                                                                      
08                      (A)  determining the amount appropriated from the unrestricted                                     
09            general fund for the fiscal year, excluding the amount appropriated                                          
10                           (i)  for community revenue sharing under                                                      
11                 AS 29.60.855(d);                                                                                        
12                           (ii)  for additional state aid to public schools under                                        
13                 AS 14.17.305; and                                                                                       
14                           (iii)  to the budget reserve fund (AS 37.05.540(a));                                          
15                      (B)  estimating the price of oil necessary to fund the                                             
16            appropriations under (A) of this paragraph;                                                                  
17                      (C)  rounding the price of oil estimated under (B) of this                                         
18            paragraph to the nearest whole dollar; and                                                                   
19                      (D)  adding $2 to the estimated price of oil under (C) of this                                     
20            paragraph;                                                                                                   
21                 (2)  the amount appropriated under this subsection shall be distributed                                 
22       under (a) of this section during the immediately following fiscal year;                                           
23                 (3)  this subsection does not create a dedicated fund.                                                  
24    * Sec. 5. This Act takes effect July 1, 2012.