HB 1031 -- Classroom Trust Fund

Sponsor:  Portwood

As of July 1, 2002, this bill creates the Classroom Trust Fund.
Moneys in the fund will be distributed to each district on a
per-eligible-pupil basis, may be used for whatever purposes the
school district finds appropriate, and are exempt from
certificated salary compliance.  Currently, excursion gambling
boat proceeds beyond the amount transferred to the School
District Bond Fund are directed to the State School Moneys Fund
to be distributed through the foundation formula for school
funding.  Pursuant to the bill, these moneys will instead be
transferred to the Classroom Trust Fund.

Beginning with Fiscal Year 2003, 80% of the moneys in the
Classroom Trust Fund will be transferred to the State School
Moneys Fund for distribution through the foundation formula, and
20% will remain in the Classroom Trust Fund.  For the next three
fiscal years, a descending amount, in increments of 20%, will be
transferred to the State School Moneys Fund, so that in Fiscal
Year 2007 no funds will be transferred and 100% of the moneys
will remain in the Classroom Trust Fund.  The amounts that had
been earmarked for the State School Moneys Fund must be replaced
in that fund by general revenue.

The bill clarifies that moneys from the Gaming Proceeds for
Education Fund and, after that fund's abolition, the moneys from
adjusted gross receipts taxes on excursion boat gambling that
remain after moneys are distributed to the boat's home dock city
or county are state funds pursuant to the constitution.  The bill
also raises the admission fee for gambling boats from $2 to $5
and directs that the additional $3 be deposited in the State
School Moneys Fund, from which the foundation formula is funded.
All previously unallocated moneys from the State Lottery Fund,
currently transferred to the General Revenue Fund, and unclaimed
lottery prize money will go to the State School Moneys Fund.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:00 am