22c ‎(2)‎

• Board Meeting Date: 11/18/2007
• Description: CF Section – Proposed Statute Revisions/Legislation within the 2008 Projects Bill - Merging the Severance Tax Trust Fund Perpetual Base Account into the Construction Fund
• Board Meetings - Doc Type: Memo

STATE OF COLORADO
Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203 ~
Phone: [phone]
FAX: (303) 866-~7~
w ~v~v. cw cb. state. ca. us .
TO: CWCB Board Members BiuRitrer, Jr.
Governor
FROM: Dan McAuliffe xarris D. Sherman
Executive Director
DATE: October 6, 2007 Dan IV1cAuliffe
Acting Director
SUBJECT: Agenda Item 22c, November 14-15, 2007 Board 11leeting
Water Supply Planning and Finance Section -Proposed Statute
Revisions/Legislation within the 2008 Projects Bill -Merging the Severance
Tax Trust Fund Perpetual Base Account into the Construction Fund
Background
The Severance Tax Interim Committee and a Severance Tax Working Group met throughout the
summer. The Working Group delivered its final recommendations to the Committee on Oct. 10
at a Committee hearing in Denver.
Information about the Committee and the legislative recommendations adopted by the
Committee can be reviewed on the Committee's website
http://vvw*v~-.st~ate.co.ns/gav clir;le~ dir/losstaff/20fl7/comsched/0'7AllocSeverTax,htm.
The Working Group recommended no changes in the distribution of Severance Tax into the
Perpetual Base Account; however, it did recommend adding Division of Wildlife and the
Division of Parks and Outdoor Recreation to the Department of Natural Resources agencies
eligible to receive severance tax revenue from the Operational Account. The proposal is to
provide each agency with five-percent of the revenues and reduce the percentages of the
Colorado Oil and Gas Conservation Commission and the Division of Reclamation, Mining and
Safety.
The Working Group did not examine the distribution of federal Mineral Leasing Act (FML)
revenue. However, Committee members, the Ritter Administration and members of the Joint
Budget Committee have been discussing how to meet future funding needs utilizing this source
Colorado Water Conservation Board
Flood Protection • Water Project Planning and Finance • Stream and Lake Protection
Water Supply Protection • Conservation and Drought Planning • Intrastate Water Planning