Revision: Nov. 30, 2023, 10:16 a.m.
2024 SESSION
24-3087.1
10/02
SENATE BILL [bill number]
AN ACT relative to lapse of funds from the education trust fund.
SPONSORS: [sponsors]
COMMITTEE: [committee]
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ANALYSIS
This bill requires that amounts which exceed $175 million in the education trust fund at the close of a fiscal year shall be transferred to a dedicated fund to be expended on teacher shortage and teacher retention programs. It also creates a legislative advisory group to provide advice and consent for the use of such funds.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24-3087.1
10/02
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
AN ACT relative to lapse of funds from the education trust fund.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Education Trust Fund; Annual Lapse Amounts. Amend RSA 198:39, IV to read as follows:
IV. The education trust fund shall be nonlapsing, except that funds in excess of $175,000,000 at the close of each fiscal year shall be transfered to the teacher shortage and retention program fund established in RSA 21-N:8-e. The state treasurer shall invest that part of the fund which is not needed for immediate distribution in short-term interest-bearing investments. The income from these investments shall be returned to the fund.
2 New Section; Department of Education; Teacher Shortage and Retention Program Fund Established. Amend RSA 21-N by inserting after section 8-d the following new section:
21-N:8-e Teacher Shortage and Retention Program Fund.
I. There is established in the state treasury a nonlapsing and continually appropriated fund to be known as the teacher shortage and retention program fund which shall be kept distinct and separate from all other funds. The fund shall be administered by the commissioner of the department of education with the advice and consent of the legislative advisory group in paragraph III. The commissioner shall deposit into the fund the moneys required to be transferred pursuant to RSA 198:39, IV.
II. The moneys in the fund shall be expended by the department, with the advice and consent of the legislative advisory group, to be used exclusively for the administration of teacher shortage and teacher retention programs in this state.
III. There shall be a legislative advisory group to provide advice and consent for the use of funds in the teacher shortage and retention program fund. The legislative advisory group shall consist of the following members, who shall receive mileage at the legislative rate when attending to their duties and meet as needed for the administration of this section:
(a) Two members of the senate who serve on the senate education committee, one from the majority party and one from the minority party, appointed by the president of the senate.
(b) Four members of the house of representatives who serve on the house education committee, 2 from the majority party and 2 from the minority party, appointed by the speaker of the house of representatives.
3 New Subparagraph; Application of Receipts; Dedicated Fund; Teacher Shortage and Retention Program Fund. Amend RSA 6:12, I(b) by inserting after subparagraph (394) the following new subparagraph:
(395) Moneys transferred into the teacher shortage and retention program fund established in RSA 21-N:8-e.