Budget Analysis 2005 Biennium 2005 Vol 2

Cover Budget Analysis 2005 Biennium 2005 Vol 2
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Some funds, however, are invested on a short-term basis in the state's Short Term Investment Pool (STIP). The state constitution prohibits the investment of any trust funds in common stock.
In accordance with statute, 3.0 percent of Pine Hills interest and income is allocated to the Department of Natural Resources and Conservation (DNRC) to be used for resource development purposes. Senate Bill 48, passed by the 1999 legislature, provides for the diversion of the following funds for the purpose
... of funding the Trust Land Management Division in the DNRC: 1) mineral royalties; 2) revenues from the sale of easements; and 3) 5.0 percent of interest and income previously credited to the common school trust. The amount of the money diverted from the Pine Hills trust reduces the growth of the trust fund balance and, hence, reduces the amount of distributable interest earnings.
Applicable Tax Rate(s): N/A Distribution: Interest and income from the trust, less amounts to fund DNRC administration, is allocated to the Department of Corrections for support of the Pine Hills youth correctional facility.


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