8/2/2019 Kids and Communities First Fund Amendment Overview
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OVERVIEW: KIDS & COMMUNITIES FIRST FUND
The Kids and Communities First Fundwill help offset the impacts
of Gov. Kasichs historically deep
state budget cuts to schools and local communities.
The Kids and Communities First Fundwill provide resources to
schools and local communities to help
keep teachers in the classroom, cops and firefighters on the
streets and relief for local property taxpayers.
The Kids and Communities First Fundwill make $400 million
available this year and up to $500 once the
revenue from Kasichs Frack Tax starts to take effect.
CREATES THE KIDS AND COMMUNITIES FIRST FUND
This new Fund will be used to support the Kids and Communities
First grant program Money in the Fund will consist of:
o All surplus tax revenue received by the end of FY 2012:
Currently, tax revenues are $265 millionover-estimate. These
dollars would be transferred at close of current fiscal yearJune
30, 2012
o $120 million from the Budget Stabilization Fund, leaving $126
million remaining in the fundo Revenue received through the new
Kasich Severance Tax, except for funding for DNR equal to
the amount raised by the current severance taxEstimated at $17
million in FY 13 for the Fund
Fund shall be used for grants awarded by OBM through the Kids
and Communities First Grant program
o Purpose of the grants is to provide Schools and Communities
with resources for job creation,maintenance, and retention programs
and for other purposes related to increasing employment in
the jurisdiction and for purposes of alleviating the need for
new local tax levies
o OBM shall promulgate rules establishing the programs, within
the 30 days of enactmento Controlling Board approval is required to
release all grant funds to awardees
Funds shall also be transferred to the Local Impact Fund to pay
for the Local Impact Grant programo Establishes a grant-based
program, administered by OBMo The purpose of the grants is to
provide communities with funding to help alleviate the impact
of
increased horizontal well development/drilling within each
jurisdiction
o Authorizes OBM to transfer funds between the Kids and
Communities First Fund and the LocalImpact Fund as needed to
provide funding for grants that have been awarded
o Specifies that funding for the Local Impact Grant program
shall only come from revenue raisedthrough the new Kasich Severance
Tax
NEW KASICH SEVERANCE TAXo Reinstates the As Introduced language
on the Kasich Severance Taxo Similar to As Introduced language for
DNR funding, provides that revenue equal to the amount that
would have been raised under current severance tax rates during
the preceding FY be transferred to DNR
o All other Kasich Severance Tax revenue shall be used to
support the Kids and Communities First grantprogram and the Local
Impact Grant program
