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<br />I <br /> <br />I <br /> <br />Severance Tax Trust Fund Cash Forecast <br /> <br />I <br /> <br />Accounting for funds on a cash basis, the Department of Local Affairs makes a continual <br />projection of revenue expected from severance taxes, Their revised projection of severance tax <br />revenue based on the current law is shown below and extended to the end of the lO-year forecast <br />period. The data for mineral production is based on the calander year while the revenue forecast is <br />based on the state fiscal year. The data for actual distribution of revenue between the Local Fund <br />and the Trust Fund is taken from the Colorado Financial Reporting System (COFRS), and the data <br />for 1995 does not reconcile, The unequal division of funds in 1995 and 1999 appears to be due to <br />credits, refunds, and the establishment of a reserve account or "safety net." <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />House Bill 99-1249 proposes to increase the tax exemption for coal, gold, and molybdenum. The <br />effect ofthis legislation is estimated to reduce total severance tax revenue by $3.71 million per year. <br /> <br />I <br /> <br />I <br /> <br /> TABLE 3 <br /> Projected Severance Tax Revenue under Existing Law ($M) <br /> Revised March 2, 1999 <br /> M illiclns of D allars <br />State C red it, L 0 ca I Tru st <br />F Isea I Oil & Total R e fu n d & Fun d Fund <br />Year ~ Coal Metals Revenue Safety N e1 5 harE! S hare <br />1990 8.618 5.356 0.522 14.496 0.000 7.275 7.248 <br />1991 15.611 5.781 0.461 21.853 0.000 10.940 10.927 <br />1992 10.3a5 4.712 0.377 15.474 0.000 7.729 7,737 <br />1993 13.469 8,261 0.322 22,052 -0.493 10.659 11. 731 <br />1994 6.480 8.645 0.223 15.348 -, .843 1.512 9.517 <br />1995 1.633 8.779 0.295 10.707 -0.644 8.935 5.997 <br />1996 7.555 6.861 0.422 14.838 -0.041 7.379 7.460 <br />1997 18.688 10.846 0.740 30.274 0,000 15.137 15.137 <br />1998 19.756 9.344 0.640 29.740 0.000 14.870 14.870 <br />1999P 13.240 9.344 0.640 23.224 3.258 14.870 11.612 <br />2000P 6,591 9,344 0.640 16.575 0,000 8.288 8,288 <br />200tP 14.837 9.344 0.640 24.821 0.000 12.411 12.411 <br />2002P 8.899 9.344 0.640 18.883 0.000 9.442 9.442 <br />2003P 12.835 9.344 0.640 22.819 0.000 11.410 11.410 <br />2004P 8.600 9.344 0.640 18.584 0.000 9,292 9,292 <br />2005P 15.665 9.344 0.640 25.649 0.000 12,825 12.825 <br />2006P 7.403 9.344 0.640 17.387 0.000 8.694 8.694 <br />2007P 9.396 9.344 0.640 19.380 0.000 9.690 9.690 <br />2008P 6.676 9.344 0.640 16.660 0.000 8.330 8,330 <br />P '" PrOjected <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />~ <br />A <br /> <br />'" <br /> <br />'" <br /> <br />11 <br /> <br />~ <br />