Montana Code 20-9-635. Natural resource development K-12 school facilities payment
20-9-635. Natural resource development K-12 school facilities payment. (1) The natural resource development K-12 school facilities payment replaces the former natural resource development K-12 funding payment as a means to provide local property tax relief by supporting school district facility needs. The legislature intends for the new payment to grow in a manner similar to the previous payment as described in subsection (2) through fiscal year 2022 until other revenue to support school facilities has increased.
Terms Used In Montana Code 20-9-635
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- BASE: means base amount for school equity. See Montana Code 20-9-306
- district: means the territory, regardless of county boundaries, organized under the provisions of this title to provide public educational services under the jurisdiction of the trustees prescribed by this title. See Montana Code 20-6-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- fund: means a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
- Property: means real and personal property. See Montana Code 1-1-205
- school: means an institution for the teaching of children that is established and maintained under the laws of the state of Montana at public expense. See Montana Code 20-6-501
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The legislature intends the natural resource development K-12 school facilities payment to be a general fund appropriation to support school major maintenance aid pursuant to 20-9-525 that is:
(a)for fiscal years 2020, 2021, 2022, and 2023, calculated as the greater of:
(i)$6.4 million in fiscal year 2020, $7.6 million in fiscal year 2021, $10 million in fiscal year 2022, and $10 million in fiscal year 2023, with each fiscal year’s appropriation reduced by the amount of projected earnings from the school facilities fund pursuant to 17-5-703 for that fiscal year; or
(ii)5% of the oil and natural gas production taxes deposited in the general fund pursuant to 15-36-331(4) for the fiscal year occurring 2 fiscal years prior to the fiscal year of the payment; and
(b)for fiscal years 2024 and beyond, calculated as the greater of:
(i)$10 million increased by an inflationary adjustment calculated as provided in 20-9-326 applied in fiscal year 2024 and in each succeeding fiscal year; or
(ii)5% of the oil and natural gas production taxes deposited in the general fund pursuant to 15-36-331(4) for the fiscal year occurring 2 fiscal years prior to the fiscal year of the payment.
(3)The present law base calculated under Title 17, chapter 7, part 1, for major maintenance aid must consist of:
(a)the natural resource development K-12 school facilities payment as calculated in subsection (2) as a general fund appropriation; and
(b)projected revenue available in the school major maintenance account, established in 20-9-525, as a state special revenue fund appropriation, including:
(i)projected earnings from the school facilities fund pursuant to 17-5-703; and
(ii)any anticipated transfers of excess interest and income revenue pursuant to 20-9-622.