HB 326 -- Classroom Trust Fund

Co-Sponsors:  Portwood, Bearden, Reid

As of July 1, 2002, this bill creates the Classroom Trust Fund.
The moneys in the Classroom Trust Fund will be distributed to
each district on a per-eligible-pupil basis, may be used for
whatever purposes the school district finds appropriate, and are
exempt from certificated salary compliance.  Currently,
excursion gambling boat proceeds beyond the amount transferred
to the School District Bond Fund are directed to the State
School Moneys Fund to be distributed through the foundation
formula for school funding.  Pursuant to the bill, these moneys
will instead be transferred to the Classroom Trust Fund.  The
Classroom Trust Fund will also contain unclaimed lottery prize
money; all previously unallocated moneys from the State Lottery
Fund, which currently are transferred to General Revenue Fund;
and moneys from the Lottery Proceeds Fund.

Beginning with Fiscal Year 2003, 80% of the moneys in the
Classroom Trust Fund will be transferred to the State School
Moneys Fund for distribution through the foundation formula, and
20% will remain in the Classroom Trust Fund.  For the next 3
fiscal years, a descending amount, in increments of 20%, will be
transferred to the State School Moneys Fund, so that in Fiscal
Year 2007, no funds will be transferred and 100% of the moneys
will remain in the Classroom Trust Fund.  The amounts that had
been earmarked for the State School Moneys Fund must be replaced
in that fund by general revenue.  The bill clarifies that moneys
from the Gaming Proceeds for Education Fund, and, after that
fund's abolition, the moneys from adjusted gross receipts taxes
on excursion boat gambling that remain after moneys are
distributed to the boat's home dock city or county, are state
funds pursuant to the Constitution.

Missouri House of Representatives
Last Updated November 26, 2001 at 11:43 am