Fiscal Note
SB1002s01 - Funding for Tourism
State Impact:
Passage of this bill would appropriate $18,000,000 from the General Fund to the Tourism Marketing Performance Fund in FY 2006. The Governor's Office of Economic Development is provided authority in the bill to spend $10,000,000 from the Fund in FY 2006, leaving a nonlapsing balance of $8,000,000 at the end of FY 2006 for expenditure in FY 2007. Passage of this bill also earmarks a portion of future sales tax revenue growth to be appropriated to the Tourism Marketing Performance Fund. It is estimated that this diversion would be as much as $3,000,000 additional annually. The annual diversion at the end of 10 years would be $30,000,000.
| Funding Source | FY 2006 Approp. | FY 2007 Approp. | FY 2006 Revenue | FY 2007 Revenue |
| General Fund | $18,000,000 | $0 | $0 | $0 |
| General Fund Restricted | $0 | $0 | $18,000,000 | $0 |
| Nonlapsing Funds | ($8,000,000) | $8,000,000 | $0 | $0 |
| Total | $10,000,000 | $8,000,000 | $18,000,000 | $0 |
Individual and Business Impact:
Passage of this bill could increase the tourism industry revenues over time.
Office of the Legislative Fiscal Analyst
4/20/2005, 11:20:44 AM