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.