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HB1560: relative to unassigned moneys in the education trust fund.
Bill details
Version history, amendments, and roll-call votes were not present in the imported local bill data.
Sponsors
- Kenneth L Weyler House · Rock 14
- Keith Erf House · Hills 28
- Tracy Emerick House · Rock 29
- Joseph Pitre House · Straf 1
Topics
Official links
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.
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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.
LBA
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
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 ("Surplus Statement" dated 06/08/23)
$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