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1999 SESSION

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HB 2357 Omnibus Prosperity Act of 1999.

Introduced by: C. Richard Cranwell | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Omnibus Prosperity Act of 1999. Reduces the sales tax on food beginning July 1, 1998, by 1.5 cents annually until it is totally eliminated on July 1, 2001. The sales tax revenues lost by the localities, including those returned to localities based on school age population, and the Transportation Trust Fund will be reimbursed by the Commonwealth. Provides that 17.5 percent of lottery proceeds in 1999, and 100 percent in 2000, and thereafter through fiscal year 2010, will be distributed to local school districts to support education. The apportionment formula among the school districts will be as follows: (i) 40percent of the available funds shall be allocated and distributed equally to each school division; (ii) 40 percent of the available funds shall be allocated and distributed to each school division according to the school division’s adjusted average daily membership multiplied by one minus its composite index of local ability to pay, based on each school division’s percentage of average weighted daily membership of the state total; (iii) 10 percent of the available funds shall be allocated and distributed to those school divisions with an increase in adjusted daily average membership from fiscal year 1992 to fiscal year 1997, based on each school division’s percentage of such growth of the state total; and (iv) 10percent of the available funds shall be allocated and distributed to each school division based on eligibility criteria determined by the Board. Such eligibility criteria shall include demonstrated need based on local ability to pay for public school construction; population growth; past local effort in maintaining, renovating and constructing public school buildings; and the availability and pledge of local matching funds. Repeals §§ 1 and 2 of Chapter 2 of the Acts of Assembly of 1998 (Special Session), thereby eliminating the Commission on State Funding of Public School Construction.


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