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Rep. Bigelow says timing of funds averts uniform school fund deficit for FY2003
Summary
Representative Bigelow told the House that a $35,000,000 balance earmarked for FY2004 and recent federal receipts mean the Uniform School Fund will not show a deficit for fiscal year 2003; he outlined how $38,000,000 in federal funds would leave $18,000,000 after covering deficits and that $9,000,000 will flow to the rainy day fund.
Representative Bigelow told members the previously projected deficit in the Uniform School Fund for fiscal year 2003 will not materialize because of timing: a $35,000,000 balance already set aside in the budget for fiscal year 2004 remains in the bank at the end of fiscal year 2003 and offsets the shortfall.
"Therefore, there is no deficit in fiscal year 'three in the uniform school fund," Bigelow said on the House floor. He explained that the Legislature received $38,000,000 from the federal government; after covering deficits, $18,000,000 remains. Under the state's treatment of surplus general funds, half will go to the rainy day fund. Bigelow said $9,000,000 will go into the rainy day fund and the other $9,000,000 will be carried forward into fiscal year 2004.
Bigelow emphasized that the money is not "extra" because it has already been earmarked for programs in FY2004, but that because of accounting and timing there is no FY2003 deficit and "no action necessary to be taken." He offered to take questions from members; the transcript records members declined substantive follow-up in the session excerpt provided.
The update was delivered as an informational floor announcement; the transcript does not record follow-up legislation or a formal vote tied to this update.
