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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:
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