Excess Tax Revenue To Fill Parks Fund
Cities and counties across the state may get a chance at grants to finance park projects - but only if the state has a really good year economically.
The House gave final approval Wednesday to legislation designating $2 million for the STORE fund, a trust fund established two years ago to replace dwindling federal funds for local park projects. Although the trust fund was set up in 1996, no money was put in it.
This year’s legislation doesn’t guarantee money, either. The $2 million would come only if state tax revenues exceed the projections that were used to calculate the state’s budget for the coming year.
If so, the first $2 million extra would go to the trust fund. Interest on the fund would be used for matching grants.
The measure, SB 1547, now goes to Gov. Phil Batt.