Show For Q Against Q — I I Official Ballot Title: Shall Article X Section 3 of the State be amended to modify the revenue to the State School Fund to include Constitution sources all revenues from nonrenewable resources from school or state lands and clarify the funding and administration of the Uniform School Fund and provide an effective date Proposition No 4 of July 1 1987 STATE SCHOOL FUND AMENDMENTS Vote cast by the members HOUSE (75 members): SENATE (29 of Yeas members): Yeas the 1984 51 Nays 21 Nays Legislature 5 Absent 7 Absent on final passage: or not voting i or not voting IMPARTIAL i ANALYSIS proceeds from other uses of renewable resources from school and state lands as well as income from the permanent school fund investments (d) proceeds from individual income tax and (e) Proposal The Utah Constitution establishes and (2) a Uniform School Fund (1) a State School Fund funds appropriated annually by the legislature from state general and special revenues (1) The State School Fund is a trust fund established by the state constitution to provide a permanent source of revenue The State School Fund now receives for public education The state government pays approximately 73 percent of the cost of public elementary and secondary education in Utah The remaining 27 percent of the cost is raised through local property revenues from three sources: (a) proceeds from the sale of all lands granted to the state by the United States for the support of elementary and secondary schools (this land is a one mile square section in each township of the public domain given to Utah at For the 1984 85 school year the legislature appropriated $574 million of state funds to finance elementary and secondary education in Utah This represents 37 percent of the total state budget Of this total $14 million will come from interest on State taxes statehood by the federal government) (b) five percent of the net proceeds of federal land sold in Utah and (c) revenues appropriated by the legislature Monies deposited in the fund must remain there permanently and cannot be appropriated by the legislature Interest received by investing these funds are used yearly to help secondary schools investments of $190 investments last year School Fund investments $106 million will be collected from school land renewable resources and $70 million will be collected from the sale of nonrenewable resources on state and school lands fund publicly supported elementary and Currently the State School Fund has million and the interest earned on the was $14 million The proposed revision constitutionally changes the manner that proceeds from the sale of nonrenewable (oil coal gas) natural resources on school and state lands are used to pay for public education Currently they are used each year to fund the (2) The Uniform School Fund is constitutionally established as an operating fund for public education and receives the mjor sources of revenue for state aid to education It receives revenues from: (a) proceeds from the sale of all unclaimed property (b) all unclaimed dividends and shares of Utah corporations (c) proceeds from the sale of timber minerals (oil gas etc) Uniform School Fund The proposed revision will provide that proceeds from these resources be placed in the State School Fund rather than the Uniform School Fund where they will be interest bearing trust fund incorporated into a and 22- |