Program Authorization: Article VII, Section 4(A) of the La. Constitution of 1974
The state receives royalties from mineral leases on state-owned lands, lakes, river bottoms and other water bottoms. In accordance with Article VII, Section 4(A) of the Constitution of 1974, ten percent (10%) of these royalties is remitted to the governing authority of the parish in which severance or production occurs. The Parish Royalty Fund was established for the receipt and disbursement of that percentage of the royalties due local governments. A parish governing authority may use these royalties to fund issuance of general obligation bonds of the parish in accordance with law.
RESOURCE ALLOCATION FOR THE PROGRAM
This agency's recommended appropriation does not include any funds for short-term debt.
This agency does not have any long-term debt for Fiscal Year 1998-1999.
SOURCE OF FUNDING
The source of funding for this program is statutory dedicated royalty revenue. (Per R.S. 39:32B.(8), see table below for a listing of expenditures out of each statutory dedicated fund.)
ANALYSIS OF RECOMMENDATION
The total means of financing for this program is recommended at 103.8% of the existing operating budget. It represents 103.8% of the total request ($21,000,000) for this program. The total request was a preliminary number pending the Louisiana Revenue Estimating Conference (R.E.C.) setting the official projection for this constitutional dedication. The recommended funding level reflects the official estimate set by R.E.C. at its February 18, 1998 meeting.
ACQUISITIONS AND MAJOR REPAIRS
22 NON-APPROPRIATED REQUIREMENTS OF STATE GOVERNMENT
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