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<br />One-half of the severance tax receipts credited to the Severance Tax Trust Fund for <br />tax years commencing on and after July I, 1995, shall be credited to the Operational <br />Account of the Severance Tax Trust Fund, Money in the Operational Account shall be <br />used to fund programs established within the Colorado Oil and Gas Conservation <br />Cnmmi..inn. the Cnlnracin Geologic" 1 Sll1'\'~y~th~ivisio1LoLMinerals_ancLGeolog.y, <br />and the Colorado Water Conservation Board. <br /> <br />I <br />I <br />I <br />I <br />J <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />1 <br />I <br />t <br />I <br />l <br /> <br />Source <br />Oil and Gas <br />Coal <br />Metals <br />Total <br /> <br />Revenue <br />$23,249,000 <br />10,160,000 <br />494,000 <br />$33,903,000 <br /> <br />Half of the severance tax revenue goes to local governments via the Energy and <br />Mineral Impact Grant Program and direct distribution to local governments. The other <br />half goes to the state's Severance Tax Trust Fund. Revenue to the Trust Fund is then <br />divided equally between the Operational Account and the Perpetual Base Account. Thus <br />in 1999, $16,951,000 was distributed to the Severance Tax Trust Fund with half <br />($8,476,000) going to the Operational Account and half to the Perpetual Base Account. <br /> <br />3.2 Operational Account <br /> <br />The programs supported by the Operational Account must promote and encourage <br />sound natural resource planning, management, and development related to minerals, <br />energy, geology, and water, The General Assembly may appropriate moneys from the <br />total moneys available in the Operational Account to fund recommended programs as <br />follows: <br /> <br />Colorado Oil and Gas Conservation Commission <br />Colorado Geological Survey <br />Division of Minerals and Geology <br />Colorado Water Conservation Board <br /> <br />45% <br />20% <br />30% <br />5% <br /> <br />For the fiscal years commencing on or after July 1, 1997, the Executive Director of <br />the Department of Natural Resources shall submit with the department's budget request <br />for each fiscal year a list and description of the programs the Executive Director <br />recommends to be funded from the Operational Account. The MEGA Board shall <br />provide advice to the Executive Director on programs or projects that should receive a <br />grant of funds from the Operational Account and shall also review the Executive <br />Director's recommendation before submittal. <br /> <br />In the recent past, the four state agencies and the MEGA Board have proposed using <br />significantly less than the full allotted amount per agency in order to build up the cash <br />reserves in the Operational Account. In FY98 and FY99 the sum of $100,000 and <br />$275,000 was appropriated respectively in the Long Bill from the Operational Account <br />for use by the CWCB during the fiscal year. Any unused funds revert back to the <br />Operational Account. The Board's request for a total of $500,000 in FYOO has been - <br /> <br />CWCB FY99 Annual Report, page 20 <br />