2004 Session

Budget Amendments - SB29 (Committee Approved)

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Increased Sales Tax - Basic Aid Offset

Item 147 #1s

Item 147 #1s

First Year - FY2003 Second Year - FY2004
Education: Elementary and Secondary
Direct Aid To Public Education FY2003 $0 FY2004 ($9,311,347) GF

Page 57, line 38, strike "$2,752,643,222" and insert "$2,743,331,875".

(This amendment recognizes the offset of approximately 55 percent to Basic Aid and Enrollment Loss payments that result from the increase in estimated sales tax revenue since one cent of sales tax is distributed to localities for public education, offsetting total SOQ costs. The increase in estimated sales tax revenue is based on the mid-session revenue re-forecast. There is a companion amendment in Item 148 that increases the estimated sales tax distribution for public education. The net effect of these two amendments is an increased public education distribution of $7.4 million in FY 2004.)