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<br />estimates, which are sUbject to change when the Office of State <br />Planning and Budgeting makes final projections in the next <br />s'everal weeks, are as follows: <br /> <br />FY 82-83 $ 0 <br />FY 83-84 0 <br />FY 84-85 0 <br />FY 85-86 84 million <br />FY 86-87 218 million <br />FY 87-88 327 million <br /> <br />Economic Rents. Charges for the use and e~ploitation of <br />publicly owned resources such as lands and minerals have long <br />been a source of revenue for federal and state governments. <br />Notable examples are qrazing and timbering fees, oil and gas <br />royalties, severance taxes, and mineral leasing fees. <br />Collectively, these are referred to as economic rents. <br /> <br />Pursuant to section 34-63-102, C.R.S. 1973, as amended, 10 <br />percent of the monies accruing to Colorado under the terms of the <br />federal Mineral Lands Leas ing Act of 1920 have been pa id annually <br />into the Colorado Water Conservation Board construction fund <br />since 1977. Through FY 81-82,' the total amount received was <br />approximately $11 million. It is anticipated that future <br />payments to the construction fund will be about $2-2.5 million <br />per year given present levels of mineral development on federal <br />lands. <br /> <br />The other economic rent presently made available by statllte <br />for the financing of water projects is Colorado's severance tax <br />on coal, oil and gas, molybdenum ore, oil Shale, and metallic <br />minerals. Half of the receipts from severance taxes are credited <br />to a severance tax trust fund / wh ich fund: <br /> <br />. . . is to be perpe tual and held in trust as <br />a replacement for depleted natural resources <br />and for the ilevelopment and conservation of <br />the state's water resources pursuant to . <br />[the statutory prov i sions governing the <br />Colorailo Water Conservation Board <br />constrllct ion fund]. ... Repayment of <br />moneys . . . used for state water projects <br />shall be required . . . and moneys so repaid <br />shall be credited to the severance tax trust <br />fund. (Section 39-29-109, C.R.S. 1973, as <br />amended. ) <br /> <br />The severance tax trust fund, which was created in 1977, <br />is projecteil to have a balance of about $47 million at the end of <br /> <br />-7- <br />