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Committee approves extension allowing continued transfer of oil-and-gas mill revenue to general fund
Summary
Senate Bill 523 extends the date for transferring the first 4.5 mills of oil-and-gas production assessments into general revenue through 2021. Sponsor said the Oil and Gas Commission holds roughly $42 million and that transfers are expected to be about $2.2 million in 2020 and $2.0 million in 2021.
The Senate Agriculture Committee approved Senate Bill 523, which extends an existing authorization to transfer the first 4.5 mills from oil-and-gas production assessments into the state's general revenue fund.
Presenter Jonathan Disming told the committee the extension moves the current sunset date from July 1, 2019, to 2021 and characterized the action as a continuation of a recurring practice. He said the Oil and Gas Commission has a balance of approximately $42,000,000 and last year's expenditures were about $4,200,000. Disming estimated the transfers would be roughly $2,200,000 in 2020 and about $2,000,000 in 2021, reflecting decreased production.
After brief questions, the committee moved and seconded a 'do pass' motion and recorded ayes with no opposition; the bill was reported out of committee.
