EN-02-1-Severance Tax Revenues Oppose Redirecting

WHEREAS by statute, severance tax revenues are split evenly between the Department of Natural Resources and Department of Local Affairs with half of the DNR half deposited into the Operational Account and used for programs in the Department of Natural Resources that provide for the sound management of mineral, mineral fuel, and water resources, and the other half of this half deposited into the Perpetual Account, which provides loans for water projects; and

WHEREAS in the past, the General Assembly has looked to the State’s share of severance tax revenues to supplement the General Fund when facing shortfalls.

NOW, THEREFORE, BE IT RESOLVED that while CLUB 20 supports the establishment of a reserve from severance taxes for the Department of Natural Resources Operating Fund, it opposes any attempt by the Joint Budget Committee to redirect revenues from Severance Tax collections to the General Fund, and

BE IT FURTHER RESOLVED that funds taken from the Severance Tax Fund shall be restored in their entirety when said funds are available.

 

Adopted 3/8/2002

Amended 4/9/2010

Amended 3/27/2015