Fiscal Note - State of Utah - 2014 General Session
SB0111S03 - Education Funding Equalization
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may increase revenue to the Minimum Basic Growth Account by $12 million in FY 2015; $41 million in FY 2016; and when fully implemented, $100 million annually. For the first four years the new revenue is directed towards funding the Public Education Modernization Program (technology in schools), after which the funding is directed towards the School LAND Trust Program.
| State Budget Detail Table | FY 2014 | FY 2015 | FY 2016 |
| Revenue: | |||
| Uniform School Fund Restricted | $0 | $12,000,000 | $41,000,000 |
| Total Revenue | $0 | $12,000,000 | $41,000,000 |
| Expenditure | $0 | $0 | $0 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | $12,000,000 | $41,000,000 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $0 | $0 |
Local Governments (UCA 36-12-13(2)(c)):
Upon appropriation, enactment of this bill may increase revenue to school districts by about $12 million in FY 2015; $41 million in FY 2016; and when fully implemented, $100 million annually. For the first four years the new revenue is directed towards funding the Public Education Modernization Act (technology in schools), after which the funding is directed towards the School LAND Trust Program.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Individuals and businesses will see a tax increase of about $12 million in FY 2015; $41 million in FY 2016; and when fully implemented, $100 million annually. In FY 2015, the tax increase is about $8 for a $250,000 home or about $58 on a $1 million business property; when first reaching the $100 million cap, the tax increase is about $40 for a $250,000 home or about $292 on a $1 million business property.
Performance Note Required? (Joint Rule 4-2-404): No
| 3/5/2014, 9:48:54 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |