Program 22-918: Parish Royalty Fund

Program Authorization: Article VII, Section 4(A) of the La. Constitution of 1974

PROGRAM DESCRIPTION

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

GENERAL FUND

TOTAL

T.O.

 

DESCRIPTION

 

 

 

 

 

$0

$21,000,000

0

 

INITIAL - FISCAL YEAR 1997-1998

 

 

 

 

 

 

 

 

 

BA-7 TRANSACTIONS:

$0

$0

0

 

None

 

 

 

 

 

$0

$21,000,000

0

 

EXISTING OPERATING BUDGET - December 10, 1997

 

 

 

 

 

$0

$800,000

0

 

Adjustment to reflect Louisiana Revenue Estimating Conference's official projection of this constitutional dedication approved at its February 18, 1998 meeting

 

 

 

 

 

$0

$21,800,000

0

 

TOTAL RECOMMENDED

 

 

 

 

 

$0

$800,000

0

 

DIFFERENCE (TOTAL RECOMMENDED AND EXISTING OPERATING BUDGET)

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.

PROFESSIONAL SERVICES

This program does not have funding for Professional Services for Fiscal Year 1998-1999.

OTHER CHARGES

$21,800,000

 

Parish Royalty Fund - constitutional dedication

 

 

 

$21,800,000

 

TOTAL OTHER CHARGES

ACQUISITIONS AND MAJOR REPAIRS

This program does not have funding for Acquisitions and Major Repairs for Fiscal Year 1998-1999.

22 NON-APPROPRIATED REQUIREMENTS OF STATE GOVERNMENT


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