13b

• Board Meeting Date: 11/14/2007
• Description: CF Section - Estimate of Funds Available for New Projects in 2008 - Severance Tax Trust fund Perpetual Base Account
• Board Meetings - Doc Type: Memo

Notes to the Expense and Revenue Summary
Severance Tax Trust Fund Perpetual Base Account
Unreserved Cash Funds FYOS Be~innin~ Balance
Unreserved cash in the Severance Tax Trust Fund Perpetual Base Account at the
beginning of the state fiscal year is based on the end of period financial information provided to
us by the State Treasurer's Office and summarized by Clifton Gunderson, LLP in the Year
Ending Financial Statement Compilation Report.
Revenue -Annual Estimate
Total cash revenue to the Severance Tax Trust Fund Perpetual Base Account is based on
three sources of income including principal and interest on existing loans, interest from cash
invested by the State Treasurer, and direct Severance Tax revenue as distributed into the
Severance Tax Trust Fund Perpetual Base Account.
Statutory Limitations
In considering recommendations for projects to the General Assembly, the Board should
be aware of the following criteria and limitations set by statute:
1. Section 39-29-109 (1) (a) (I), CRS provides that "...pursuant to sections 37-60-119 and 37-
60-122, C.R.S. The authorization and contract fof• each such pf•oject shall require repayment
of principal and interest to the severance tax trust fund and moneys so repaid shall be
credited to the pef petual base account of the severance tax trust fund. "