Revision: Dec. 11, 2023, 10:12 a.m.
HB 1560-FN-A - AS INTRODUCED
2024 SESSION
24-2193
02/10
HOUSE BILL 1560-FN-A
AN ACT relative to unassigned moneys in the education trust fund.
SPONSORS: Rep. Weyler, Rock. 14; Rep. Erf, Hills. 28; Rep. Emerick, Rock. 29; Rep. Pitre, Straf. 1
COMMITTEE: Finance
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ANALYSIS
This bill requires that any surplus in the education trust fund be transferred to the general fund at the end of each fiscal year.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24-2193
02/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
AN ACT relative to unassigned moneys in the education trust fund.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Education Trust Fund Created and Invested. Amend RSA 198:39 by inserting after paragraph IV the following new paragraph:
V. At the end of each fiscal year, any surplus in the education trust fund shall be transferred to the general fund.
2 Effective Date. This act shall take effect June 30, 2024.
24-2193
12/8/23
HB 1560-FN-A- FISCAL NOTE
AS INTRODUCED
AN ACT relative to unassigned moneys in the education trust fund.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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Estimated State Impact - Increase / (Decrease) | ||||||
| FY 2024 | FY 2025 | FY 2026 | FY 2027 | ||
Revenue | $183,873,000 | $48,415,000 | Indeterminable | |||
Revenue Fund(s) | General Fund | |||||
Expenditures | $183,873,000 | $48,415,000 | Indeterminable | |||
Funding Source(s) | Education Trust Fund | |||||
Appropriations | $0 | $0 | $0 | $0 | ||
Funding Source(s) | None | |||||
• Does this bill provide sufficient funding to cover estimated expenditures? [X] N/A • Does this bill authorize new positions to implement this bill? [X] N/A | ||||||
METHODOLOGY:
This bill requires any surplus in the education trust fund be transferred to the general fund at the end of each fiscal year, beginning in FY 2024. Based on legislative estimates derived during the 2023 session, this bill would result in transfers from the education trust fund to the general fund of $183,873,000 in FY 2024 and $48,415,000 in FY 2025 (actual amounts will depend on education trust fund revenue and expenditure activity in each fiscal year).
| FY 2024 | FY 2025 |
Education Trust Fund Comparative Statement of Fund Balance, June 30 | $183,873,000 | $232,288,000 |
(Less Previous Year Transfer Under This Bill) | N/A | ($183,873,000) |
Estimated Education Trust Fund Transfer to General Fund | $183,873,000 | $48,415,000 |
AGENCIES CONTACTED:
None