State parks matching account.
This bill also creates the State Parks and Cultural Resources Matching Account. The Department of State Parks and Cultural Resources shall deposit in the matching account any gift, contribution, donation or grant for the benefit of state parks, historical sites or cultural resources. To the extent funds are available in the State Parks and Cultural Resources Account, the State Treasurer shall match any donations actually received in the matching account.
The amount of donations that will be received in the matching account is not determinable. Investment income received on the unexpended appropriation will earn interest at the same rate as the state agency pool and will be deposited into the proposed State Parks and Cultural Resources Account.† October 2008 CREG projections indicate that the estimated yield for the state agency pool would be 2.50% for FY09, 4.81% for FY10 and 4.81% for FY11. Please note, however, that the January 2009 CREG projections for investment income for all funds is expected to be lower than the October 2008 CREG estimates.
On its own, this bill will not require additional personnel and/or funding.† However, passage of multiple bills of this type may result in a cumulative administrative impact to the State Treasurerís Office.
Prepared by:† †Dean Temte, LSO††† Phone: 777-7881
(Info. provided by Sharon Garland, Treasurerís Office; 777-7475)