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<br />Source <br />Oil and Gas <br />Coal <br />Metals <br />Total <br /> <br />Revenue <br />$19,756,000 <br />9,344,000 <br />640.000 <br />$29,740,000 <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />--I <br />I <br /> <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 /> <br />3.3 Operational Account <br /> <br />One-half 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 ofthe Severance <br />Tax-Trust-Fund:-Money-inthe0perational-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 /> <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 /> <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 /> <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 Dirb:tor'~ recommendation before submittal. <br /> <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 /> <br />CWCB FY98 Annual Report, page 18 <br />