Fiscal Note - State of Utah - 2011 General Session
HB0065 - Public School Funding
State Government (UCA 36-12-13(2)(b)):
Enacting this bill freezes the minimum basic state property tax rate at 0.003. This increases the local portion of the minimum school program by $269,951,400 in FY 2013 and is distributed through the WPU. Due to recapture, of the $269,951,400, $17,090,300 is deposited in the Uniform School Fund in FY 2013.
This bill authorizes an appropriation of $41,949,100 in FY 2013 to hold 25 school districts harmless. The hold harmless provision is phased out by 25% in FY 2014, 50% in FY 2015, and 75% in FY 2016. The hold harmless provision is eliminated in FY 2017.
| State Budget Detail Table | FY 2011 | FY 2012 | FY 2013 |
| Revenue: | |||
| Uniform School Fund | $0 | $0 | $17,090,300 |
| Property Tax | $0 | $0 | $252,861,100 |
| Total Revenue | $0 | $0 | $269,951,400 |
| Expenditure: | |||
| Education Fund | $0 | $31,461,800 | $31,461,800 |
| Education Fund, One-Time | $0 | ($31,461,800) | $10,487,300 |
| Property Tax | $0 | $0 | $252,861,100 |
| Total Expenditure | $0 | $0 | $294,810,200 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | $0 | ($24,858,800) |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $0 | ($24,858,800) |
Local Governments (UCA 36-12-13(2)(c)):
Because of the revenue increase from the basic rate freeze, other local school property taxes decrease by $269,951,400.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Absent school districts making up lost revenue, individuals living in 25 school districts can expect a property tax decrease of $41,949,100.
| 1/27/2011, 11:50:24 AM, Lead Analyst: Young, T./Attny: AOS | Office of the Legislative Fiscal Analyst |