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Use of FY01 Surplus and Non-Recurring Revenues in FY03

• The FY03 Capital Outlay Bill contained several appropriations from non-recurring cash sources. Non-recurring revenues are comprised of the following sources of revenue:
  • The FY01 Surplus totaling $73.1 million
  • $180 million in Amnesty Collections (less $28.1 million for the Department of Revenue)
  • $3 million Incentive Fund balance transfer to the State General Fund
      
• In accordance with the law, as non-recurring revenues, 25% of the total monies had to be deposited into the Budget Stabilization "Rainy Day" Fund. The deposit in the Rainy Day Fund totaled $57.2 million thereby increasing the balance in the fund to $260 million. The remaining non-recurring revenue could be used for either a payment towards the unfunded accrued liability, debt defeasance and/or capital outlay.
    
• The Legislature chose to defease (pay off early) debt and fund capital outlay projects with cash. The amount available for cash capital outlay was approximately $132 million after deposits into the Budget Stabilization Fund, allocations for Special Session Obligations totaling roughly $16.8 million, and the amount needed for the Defeasance ($23.1 million).
    
• Several Statewide and Higher Education Initiatives were funded with the one-time cash sources - the list below highlights some of the major statewide projects: