Bill Text - SB324 (2012)

Relative to the use of funds generated by the Hampton Beach parking facilities.


Revision: Jan. 19, 2012, midnight

SB 324-FN – AS INTRODUCED

2012 SESSION

12-3012

04/03

SENATE BILL 324-FN

AN ACT relative to the use of funds generated by the Hampton Beach parking facilities.

SPONSORS: Sen. Stiles, Dist 24; Rep. Waddell, Rock 15; Rep. Nevins, Rock 15; Rep. K. Sullivan, Rock 15

COMMITTEE: Finance

ANALYSIS

This bill revises the allocation of funds between the Hampton Beach parking meter fund and the Hampton Beach capital improvement fund.

This bill is a request of the department of resources and economic development.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

12-3012

04/03

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twelve

AN ACT relative to the use of funds generated by the Hampton Beach parking facilities.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Operation of Beach Parking Facilities. Amend RSA 216:3, II to read as follows:

II. The state treasurer shall establish a special nonlapsing fund, which shall only lapse pursuant to paragraph III, for the revenues from the state parking facilities at Hampton Beach. [Fifty percent of the] Payments for principal and interest of bonds and notes that are issued for the project of replacing the steel seawall with a concrete seawall in the Hampton Beach area shall be paid from this fund. [If the revenues from the parking facilities at Hampton Beach exceed $1,025,000 for the fiscal year, all revenues in excess of $1,025,000 shall be transferred prior to the close of the fiscal year from this fund to the Hampton Beach capital improvement fund established in paragraph IV] The sum of $350,000 shall be transferred from this fund into the Hampton Beach capital improvement fund established in paragraph IV each year to cover debt service and capital expenditures. The remaining balance of the parking meter receipts shall be used to cover the costs of operation of the seacoast area state parks to include appropriate levels of staffing to meet the service needs of seacoast area state parks.

2 Effective Date. This act shall take effect 60 days after its passage.

LBAO

12-3012 Revised 01/18/12

SB 324 FISCAL NOTE

AN ACT relative to the use of funds generated by the Hampton Beach parking facilities.

FISCAL IMPACT:

      The Treasury Department states this bill will decrease state general fund expenditures and increase state restricted expenditures by $82,195 in FY 2012, $159,498 in FY 2013, $155,513 in FY 2014, $152,400 in FY 2015 and $146,567 in FY 2016. There is no fiscal impact on state, county and local revenue, or county and local expenditures.

METHODOLOGY:

    The Treasury Department states this bill revises the allocation of funds between the Hampton Beach parking meter fund and the Hampton Beach capital improvement fund. The Department states 50 percent of the debt service for the Hampton Beach Seawall is paid from the state general fund. The Department states this bill will decrease state general fund debt service payments by increasing the amount of dedicated funds, the transfer of $350,000 from the parking meter fund to the capital improvement fund, used for debt service. As a result, state general fund debt service will decrease by $82,195 in FY 2012, $159,498 in FY 2013, $155,513 in FY 2014, $152,400 in FY 2015 and $146,567 in FY 2016. The decrease in state general fund debt service payments for FY 2012 is based on a half year.

    The Department of Resources and Economic Development states this bill will transfer $350,000 from the parking meter fund to the capital improvement fund to be used for debt service and capital expenditures. The Departments states the remaining balance in the parking meter fund is to be used for operation of the seacoast area state parks. The Department states this will have no fiscal impact as it only reallocates revenues.