HCS HB 288 -- CLASSROOM TRUST FUND (Jetton)

Beginning in Fiscal Year 2005 and upon condition of full funding
of the Foundation Formula Program for the distribution of state
school aid, 20% of the moneys from the Gaming Proceeds for
Education Fund will be redirected into the Classroom Trust Fund,
created by the substitute.  Each subsequent year for four years,
an additional 20% of those moneys will be directed to the
Classroom Trust Fund until 100% of the gaming moneys go to that
fund.  Currently, these funds are deposited in the State School
Moneys Fund, which provides funds for the foundation formula.
The substitute requires the chairs of the Senate Appropriations
Committee and the House Budget Committee to make the
determination of whether sufficient moneys have been appropriated
to achieve a proration factor of 1.0 in the equity portion of the
foundation formula.  The substitute directs that the gambling
moneys must be replaced in the State School Moneys Fund by
general revenue.  The funds will be distributed on a per-pupil
basis keyed to attendance and may be used for teacher recruitment
and retention, construction and repair of buildings, technology
enhancements or instructional materials, school safety, and
supplying additional funds for any required state or federal
program.

FISCAL NOTE:  Estimated Net Cost to General Revenue Fund of $0 in
FY 2004, $0 or $41,104,108 in FY 2005, and $0 or $82,208,217 in
FY 2006.  Estimated Net Effect on State School Moneys Fund of $0
in FY 2004, FY 2005, and FY 2006.  Estimated Net Effect on Gaming
Proceeds for Education Fund of $0 in FY 2004, FY 2005, and FY
2006.  Estimated Net Cost to Lottery Proceeds Fund of $0 in FY
2004, $5,000,000 in FY 2005, and $5,000,000 in FY 2006.
Estimated Net Effect on the Classroom Trust Fund of $0 in FY
2004, FY 2005, and FY 2006.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:11 am