TRANSP. ECONOMIC DEV'T FUND TRANSFER S.B. 794: FLOOR ANALYSIS
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Senate Bill 794 (as reported without amendment) (as enrolled)
Sponsor: Senator Ron Jelinek
Committee: Appropriations
CONTENT
Senate Bill 794 would amend the Transportation Economic Development Fund (TEDF) law to reduce the statutory expenditure requirement for targeted industries. Under current law, the first priorities for TEDF expenditures are Category E - Forest Roads and Category F - Rural County Urban System. The remaining balance is then distributed as follows:
-- 50% to Category A - Targeted Industries;
-- 25% to Category C - Urban County Congestion; and
-- 25% to Category D - Rural County Primary.
The bill would reduce the statutory expenditure requirement for Category A - Targeted Industries by $6 million for FY 2006-07. As a result, revenue to the General Fund would be increased by the same amount.
MCL 247.911
FISCAL IMPACT
Reducing FY 2006-07 appropriations for Category A - Targeted Industries by $6 million would leave a total appropriation level of $12.9 million. Enactment of the bill also would increase revenue to the General Fund by $6 million.
This bill would implement a portion of the FY 2006-07 budget agreement.
Date Completed: 9-25-07 Fiscal Analyst: Debra Hollon
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb794/0708