| Proposition 301 |
| Authority: |
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| Distribution: |
Schools, Universities, Community Colleges |
| Frequency: |
Monthly |
| Disbursements: |
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| Description: |
With the passage of Proposition 301 in the November 2000 general election, the Department of Revenue started collecting an additional 0.6% sales tax beginning June 1, 2001. Pursuant to Section 42-5029E the monies are to be distributed as follows:
- If there are any outstanding School Facilities Revenue Bonds, 1/12 of the annual debt service amount is transferred to the bond debt service account.
- Twelve percent of the remaining monies is transferred to the Technology and Research Initiative Fund to be distributed to each of the universities.
- Three percent of the remaining monies is transferred to the Workforce Development Account developed by each of the Community College Districts.
- After items 1, 2, and 3, any community college owned by a qualifying Indian tribe on its own reservation will receive a share equal to the amount each Community College District receives for workforce development.
- One-twelfth of the amount for the increased cost of basic state aid due to added school days and associated teacher salary increases (FY 05 - $66,957,200).
- One-twelfth of the amount to the Department of Education for school safety and character education (school safety $7,800,000; character education $200,000 per fiscal year).
- An amount of $7,000,000 for increased accountability in the Department of Education. This amount is not to exceed $7,000,000 per fiscal year (FY 05 - $ 7,000,000).
- One-twelfth of the amount to the Department of Education to fund the failing schools tutoring program ($1,500,000 per fiscal year).
- One-twelfth of the amount to the State General Fund to offset the cost of the income tax credits allowed by section 43-1072.01 ($25,000,000 per fiscal year).
- Any remaining monies to the classroom site fund for performance based teacher compensation (40%), teacher base compensation and related expenses (20%), and maintenance and operation purposes (40%).
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