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Source Revenue ' <br /> Oil and Gas $19,756,000 <br /> Coal 9,344,000 ' <br /> Metals. 640.000 <br /> Total $29,740,000 <br /> Half of the severance tax revenue goes to local governments via the Energy and Mineral Impact <br /> Grant Program and direct distribution to local governments. The other half goes to the state's <br /> Severance Tax Trust Fund. Revenue to the Trust Fund is then divided equally between the <br /> Operational Account and the Perpetual Base Account. Thus in 1998, $14,870,000 was distributed <br /> to the Severance Tax Trust Fund with half($7,435,000) going to the Operational Account and half <br /> to the Perpetual Base Account. <br /> 3.3 Operational Account <br /> One-half <br /> alf of the severance tax receipts credited to the Severance Tax Trust Fund for tax years <br /> commencing on and after July 1, 1995, shall be credited to the Operational Account of the Severance <br /> Tax Trust Fund. Money in the Operational Account shall be used to fund programs established <br /> within the Colorado Oil and Gas Conservation Commission, the Colorado Geological Survey, the <br /> Division of Minerals and Geology, and the Colorado Water Conservation Board. <br /> The programs supported by the Operational Account must promote and encourage sound natural <br /> resource planning,management, and development related to minerals, energy, geology, and water. ' <br /> The General Assembly may appropriate moneys from the total moneys available in the Operational <br /> Account to fund recommended programs as follows: <br /> Colorado Oil and Gas Conservation Commission 45% <br /> Colorado Geological Survey 20% <br /> Division of Minerals and Geology 30% <br /> Colorado Water Conservation Board 5% <br /> 1 <br /> For the fiscal years commencing on or after July 1, 1997, the Executive Director of the <br /> Department of Natural Resources shall submit with the department's budget request for each fiscal <br /> year a list and description of the programs the Executive Director recommends to be funded from <br /> the Operational Account. The MEGA Board shall provide advice to the Executive Director on <br /> programs or projects that should receive a grant of funds from the Operational Account and shall <br /> also review the Executive Director's recommendation before submittal. <br /> In the recent past,the four state agencies and the MEGA Board have proposed using significantly ' <br /> less than the full allotted amount per agency in order to build up the cash reserves in the Operational <br /> Account. In both FY 97 and FY 98, the sum of$100,000 was appropriated in the Long Bill from <br /> the Operational Account for use by the CWCB during the fiscal year. Any unused funds revert back <br /> CWCB FY98 Annual Report,page 18 <br /> 1 <br />