A JOINT RESOLUTION OF THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA REVISING THE OFFICIAL

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1 SJ00.0 SENATE JOINT RESOLUTION NO. INTRODUCED BY B. TUTVEDT A JOINT RESOLUTION OF THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA REVISING THE OFFICIAL ESTIMATE OF THE STATE'S GENERAL FUND REVENUE FOR FISCAL YEAR AND EACH FISCAL YEAR OF THE - BIENNIUM PROVIDED FOR IN SENATE JOINT RESOLUTION NO., LAWS OF, FOR THE PURPOSE OF ACHIEVING A BALANCED BUDGET AS REQUIRED BY ARTICLE VIII, SECTION, OF THE MONTANA CONSTITUTION; REPLACING THE UNASSIGNED GENERAL FUND BALANCE WITH THE AUDITED UNASSIGNED FISCAL YEAR FUND BALANCE THAT WAS PREPARED ACCORDING TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES; REVISING OFFICIAL ESTIMATES OF CERTAIN NONGENERAL FUND REVENUE; REQUESTING THAT THE GOVERNOR'S OFFICE OF BUDGET AND PROGRAM PLANNING USE THE REVENUE ESTIMATES CONTAINED IN THIS RESOLUTION AS OFFICIAL REVENUE ESTIMATES FOR FISCAL YEARS,, AND ; AND AMENDING SENATE JOINT RESOLUTION NO., LAWS OF. Section. Senate Joint Resolution No., Laws of, is amended to read: "WHEREAS, Article VI, section, of the Montana Constitution requires the Governor to submit to the Legislature a budget for the ensuing fiscal period, containing in detail for all operating funds the proposed expenditures and estimated revenue of the state; and WHEREAS, Article VIII, section, of the Montana Constitution prohibits the Legislature from appropriating funds in excess of the anticipated revenue of the state; and WHEREAS, the Revenue and Transportation Interim Committee, which is required by section --(), MCA, to estimate the amount of revenue projected to be available for legislative appropriation and to introduce a resolution setting forth the Committee's current revenue estimate, did not introduce - - Authorized Print Version - SJ

2 SJ00.0 an estimate of the amount of revenue; and WHEREAS, the proposed Joint Rules of the rd Legislature require the chair of the Senate Taxation Committee to prepare a revenue estimate for the purpose of estimating revenue that may be available for appropriation by the Legislature; and WHEREAS, the Legislative Fiscal Analyst and the Executive Branch agencies assisted in the development of the revenue estimates; and WHEREAS, the proposed Joint Rules of the rd Legislature provide that the Senate shall transmit the revenue estimate to the House no later than the th legislative day and that the Senate Joint Resolution does not constitute the Legislature's revenue estimate until passed by the House and any House amendments are concurred in by the Senate; and WHEREAS, the amount of estimated revenue and the general fund balance affects policy decisions of the Executive Branch and the Legislative Branch; and WHEREAS, the revenue estimates and the underlying assumptions contained in this resolution provide the basis for a comprehensive analysis of the state's revenue condition. NOW, THEREFORE, BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA: That the state general fund revenue for fiscal years,, and be estimated to be $,,0,000 $,0,,000, $,0,,000 $,0,,000, and $,,,000 $,,,000, respectively. BE IT FURTHER RESOLVED, that the Legislature accepts for budget purposes the preliminary audited unassigned fiscal year fund balance of $,00,000 $,,000 for the general fund, prepared according to generally accepted accounting principles. BE IT FURTHER RESOLVED, that the Legislature recommends that the Governor's Office of Budget and Program Planning use the revenue estimates and the underlying assumptions contained in this resolution as the official revenue estimates for fiscal years,, and. GENERAL FUND REVENUE The projections for total general fund revenue for fiscal years,, and are based on the assumption of the continuation of Montana - - Authorized Print Version - SJ

3 SJ00.0 law as it existed on January,, and on the assumption of the expiration of the federal Economic Growth and Tax Relief Act of 0 (Pub. L. -, Stat. ) and the Jobs and Growth Tax Relief Reconciliation Act of 0 (Pub. L. -, Stat. ) impact of the federal American Taxpayer Relief Act of (Pub. L. -0, Stat. ). The revenue estimates contained in the following tables are based on the assumptions listed in the tables that follow the general fund estimates and the assumptions for each general fund revenue source contained in the "Legislative Budget Analysis, Biennium, Volume -- Revenue Estimates" prepared by the Legislative Fiscal Division. Current Law General Fund Revenue Estimates (In Millions of Dollars) Actual Estimated Estimated Estimated Source of Revenue Fiscal Fiscal Fiscal Fiscal Individual Income Tax..,0.0,.,0.0,0.,. Property Tax..... Corporation License Tax Vehicle Tax Insurance Tax & License Fees Coal Trust Interest Authorized Print Version - SJ

4 SJ US Mineral Royalty All Other Revenue Tobacco Settlement.... Telecommunications Excise Tax Video Gambling Tax Treasury Cash Account Interest Estate Tax Oil & Natural Gas Production Tax Motor Vehicle Fee Public Institution Reimbursements Lodging Facility Use Tax Authorized Print Version - SJ

5 SJ00.0 Coal Severance Tax Liquor Excise & License Tax Cigarette Tax Investment License Fee Lottery Profits Liquor Profits Nursing Facilities Fee Electrical Energy Tax.... Metalliferous Mines Tax Highway Patrol Fines Public Contractors Tax (.0).0.. Wholesale Energy Tax Tobacco Tax Authorized Print Version - SJ

6 SJ00.0 Driver's License Fee Rental Car Sales Tax Railroad Car Tax Wine Tax Beer Tax Total General Fund,0.,.0,0.,.,0.,0.,. SIGNIFICANT ASSUMPTIONS FOR GENERAL FUND REVENUE ESTIMATES Year Assumption Individual Income Tax FY Income Tax Audit Collections (Millions) $.0 $. $. $.0 $. $. $. CY Taxpayer Population (Percent Change) 0.%.%.%.%.%.%.% Income Indicators CY Wage and Salary Income (Percent Change).%.%.0%.0% - - Authorized Print Version - SJ

7 SJ00.0.%.0%.%.% CY Net Farm Income (Percent Change) -.% 0.%.%.% -.%.%.%.0% CY Interest Income (Percent Change) -.%.0%.%.% -.%.%.%.% CY Dividend Income (Percent Change).%.0% -.%.%.% -.0%.% CY Rent, Royalty, and Partnership Income (Percent Change).%.%.%.%.%.0%.%.0% CY Net Business Income (Percent Change).%.% -.%.%.%.% -0.%.% CY Capital Gains and Losses (Percent Change).%.%.0%.%.%.0%.% CY Supplemental Gains (Percent Change).%.%.%.% CY Social Security Income (Percent Change).0%.0%.%.%.%.%.%.% CY IRA Income (Percent Change).%.%.0%.%.%.%.00%.% CY Pension Income (Percent Change).0%.%.00%.%.%.%.0%.% CY Other Income (Percent Change) 0.00% 0.00% 0.00% 0.00% - - Authorized Print Version - SJ

8 SJ00.0 CY Bond Interest (Percent Change).0% -.0% -.% -.0%.0% -0.% -.% -.0% CY Federal Income Tax Refunds (Percent Change) 0.00% 0.00% 0.00% 0.00% CY Other Additions to Income (Percent Change).%.%.%.% CY Adjustments to Income (Percentage Change) 0.% 0.% 0.% 0.% CY IRA Reduction (Percent Change) 0.% 0.% 0.% 0.% CY Reductions to Income (Percent Change) -.%.%.%.% CY Other Reductions to Income (Percent Change).%.%.%.%.%.%.%.% Deductions From Income CY Medical Premiums (Percent Change).%.%.%.% CY Medical Deductions (Percent Change).%.%.%.% CY Real Estate Tax (Percent Change).%.%.%.% CY Other Taxes (Percent Change).%.%.%.% CY Home Mortgage (Percent Change).%.%.%.% CY Contributions (Percent Change).%.%.%.0% CY Gambling Losses (Percent Change).%.%.%.% FY Bonus Depreciation (Millions) $0. $0. $0. $0. CY Homeowner and Renter Credit (Millions) $. $. $. $. CY All Other Credits (Percent Change) 0.%.0%.%.%.%.%.0%.% - - Authorized Print Version - SJ

9 SJ00.0 Other Individual Income Tax Assumptions CY All Filers Liability (Millions) $. $. $0.0 $,00. $0. $. $,0. $,00. CY Current Calendar Year to Fiscal Year Conversion 0.0% 0.0% 0.0% 0.0% CY Previous Calendar Year to Fiscal Year Conversion 0.0% 0.0% 0.0% 0.0% FY Fiscal Year Adjusted Base (Millions) $.0 Property Taxes: Taxable Value for Statewide General Fund Mill Levies and Other Property Tax Indicators Taxable Value--0-Mill and -Mill Levies FY Property Class One (Millions) $. $. $. $. $. FY Property Class Two (Millions) $. $. $. $.0 FY Property Class Three (Millions) $0. $. $. $. FY Property Class Four (Millions) $,. $,.0 $,. $,. FY Property Class Five (Millions) $0. $. $. $. FY Property Class Six (Millions) $0.000 $0.000 $0.000 $0.000 FY Property Class Seven (Millions) $. $.0 $. $. FY Property Class Eight (Millions) $. $. $0. $. FY Property Class Nine (Millions) $0. $.0 $. $0. FY Property Class Ten (Millions) $.0 $. $.0 $. FY Property Class Twelve (Millions) $. $. $. $. - - Authorized Print Version - SJ

10 SJ00.0 FY Property Class Thirteen (Millions) $. $.0 $. $.0 FY Property Class Fourteen (Millions) $. $.0 $.0 $.0 FY Total Taxable Value -Mill and 0-Mill (Millions) $,0. $,.0 $,. $,. $,. $,. $,. $,. Other Property Tax Indicators FY Tax Increment Finance Value (Millions) $.00 $.0 $.0 $. FY Property Tax Abatement Value (Millions) $. $. $. $. FY Taxable Value in -Mill Vo-Tech Counties (Millions) $,. $,0.0 $,0.0 $,.0 $,. $,. $,. $,. FY Taxable Value in.-mill Vo-Tech Counties (Millions) $. $0. $. $. Property Tax Nonlevy Revenue FY 0-Mill Nonlevy Revenue (Millions) $0.000 $0.000 $0.000 $0.000 FY 0-Mill Adjustments (Millions) $0.000 $0.000 $0.000 $0.000 FY -Mill Nonlevy Revenue (Millions) $.0 $. $. $. $. $. FY -Mill Adjustments (Millions) $0.000 $0.000 $0.000 $0.000 FY.-Mill Nonlevy Revenue (Millions) $0.000 $0.000 $0.000 $0.000 FY.-Mill Adjustments (Millions) $0.000 $0.000 $0.000 $0.000 Vehicle Tax FY Large Trucks Growth Rate (Percent Change) 0.% 0.% 0.% 0.% 0.% 0.0% - - Authorized Print Version - SJ

11 SJ00.0 FY Motor Home Growth Rate (Percent Change) -.% 0.% 0.% 0.% 0.% 0.0% FY Light Vehicle Growth Rate (Percent Change) -.% 0.% 0.% 0.% 0.% 0.0% FY Boat and Snowmobile Growth Rate (Percent Change).% 0.% 0.% 0.% 0.% 0.0% Corporation License Tax Tax Liability by Industrial Sector (Millions) CY Agriculture $. $. $. $. $. $. $.0 $. CY Mining $. $. $. $. $. $. $.0 $. CY Utilities $0.0 $. $. $. $0. $. $. $. CY Construction $.00 $. $. $.0 $.0 $. $. $. CY Manufacturing $.0 $. $. $.0 $. $. $. $. CY Trade $. $. $. $. $. $. $. $.0 CY Transportation $. $.00 $. $. - - Authorized Print Version - SJ

12 SJ00.0 CY Information $.0 $.0 $. $. $. $. $. $. CY Professional $. $. $. $.0 $. $.0 $. $. CY Large Banks $.0 $. $. $.0 CY Social $. $. $. $.0 $. $. $.0 CY Unknown $0.0 $0.0 $0.0 $0.0 Other Corporation License Tax Factors FY Refunds (Millions) -$. -$. -$. -$. -$. -$.0 -$.0 FY Audits, Penalties, Interest (Millions) $. $.0 $.0 $.0 $. $. $.0 FY Insure Montana Credit (Millions) $0.000 $.000 $.000 $.000 FY Calculated Fiscal Factor FY Bonus Depreciation (Millions) $0.000 $. $. $. Insurance Premiums Tax and License Fees FY General Fund Fee Revenue (Millions) $0.0 $0.0 $0.0 $0.0 FY Genetics Fee (Millions) $. $. $. $. FY Premiums Tax (Millions) $. $. $. $. $. $. $. - - Authorized Print Version - SJ

13 SJ00.0 FY Offsets (Millions) $.00 $.00 $.000 $.000 FY Refunds (Millions) $0. $0. $0. $0. Video Gambling Tax FY Video Machine Net Income (Millions) $. $.0 $. $. $. Motor Vehicle Fee--General Fund Allocations FY Motor Vehicle Registration Fee (Millions) $. $. $. $.0 $. $.0 FY Recording of Liens Fee (Millions) $0. $0. $0. $0. $0. $0. FY Title Fee (Millions) $. $.0 $. $. $. $.0 FY Personal License Plate Fee (Millions) $. $. $. $. $. $. FY New License Plate Fee (Millions) $0. $0. $0. $0. $0. FY Other Fees (Millions) $0.00 $0.0 $0. $0. $0. $0. U.S. Mineral Royalty CY Oil Production (Millions of Barrels)..0.. CY Coal Production (Millions of Tons) Authorized Print Version - SJ

14 SJ00.0 CY Natural Gas Production (MMCF).0... CY Oil Price (Per Barrel) CY Coal Price (Per Ton) CY Natural Gas Price (Per MCF) CY Oil Royalty Rate (Percent).%.%.%.% CY Coal Royalty Rate (Percent).%.%.%.% CY Natural Gas Royalty Rate (Percent).%.%.%.% CY Other Royalties (Millions) $0. $0. $0. $0. CY Rent and Bonus (Millions) $. $. $. $. Telecommunications Excise Tax FY Taxable Gross Receipts (Millions) $. $00. $. $. $0. $. $. Tobacco Settlement FY Volume Change (Percent Change) -.0% -.% -.0% -.0% FY Cumulative Volume Change (Percent Change) -.% -.% -0.% -.% FY CPI Change (Percent Change).00%.00%.00%.00% FY Cumulative CPI Change (Percent Change).%.%.0%.% FY Subsequent Manufacturers' Payment (Millions) $. $.0 $0. $ Authorized Print Version - SJ

15 SJ00.0 FY Nonparticipating Manufacturers' Adjustment (Millions) -$. -$. -$. -$. Public Institution Reimbursements FY Private Payments (Millions) $.0 $. $. $. $. $.0 $. FY Insurance Payments (Millions) $0. $0. $0. $0.0 $0. $0. $0. FY Medicaid Payments (Millions) $. $. $. $. $. $.0 $. FY Medicare Payments (Millions) $. $.0 $. $. $. $. $.0 FY Debt Service MT Developmental Center (Millions) $0. $0. $0. $0. FY Debt Service MT State Hospital (Millions) $. $. $. $. FY Medicare Part D (Millions) $0. $0. $0. $.0 $0.0 $0.0 $0.0 Estate Tax FY Annual Change in Tax (Percent Change).% -0.00% 0.00% 0.00% Oil Production Tax CY Oil Production (Million Barrels) CY Montana Oil Price (Weighted Price/Barrel) $. $.0 $0. $. $. $. $.0 $ Authorized Print Version - SJ

16 SJ00.0 CY Effective Tax Rate (Percent).%.%.%.% Natural Gas Production Tax CY Natural Gas Production (MMCF) CY Montana Natural Gas Price (Weighted Price/MCF) $.0 $. $. $. $. $. $. $. CY Effective Tax Rate (Percent).%.%.%.% Treasury Cash Account FY TCA Average Balance (Millions) $0.0 $. $. $.00 $. $. FY TCA Average Yield (Percent) 0.0% 0.% 0.% 0.% 0.% 0.% 0.% FY TRANS Issue Size (Millions) $0.000 $0.000 $0.000 $0.000 Liquor Excise and License Tax FY Gross Sales (Millions) $. $. $0. $. $. $.0 FY Tribal Distributions (Millions) $0. $0. $0. $0. Coal Severance Tax CY Severance Tax Coal Production (Million Tons)..0.. CY Montana Contract Sales Price (Weighted CSP/Ton) $.0 $. $.0 $. $.0 $.0 $ Authorized Print Version - SJ

17 SJ00.0 Cigarette Tax FY Cigarette Packs (Millions) FY Effective Tax Rate Per Pack (Dollars) $.0 $.0 $.0 $.0 FY Tribal Distributions (Millions) $. $.0 $. $.0.. Lottery Profits FY Total Lottery Sales (Millions) $.0 $. $. $.0 $. $. $. FY Lottery Interest Earnings (Millions) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 FY Other Revenue (Millions) $0.00 $0.00 $0.00 $0.00 FY Lottery Operating Budget (Millions) $.0 $.0 $. $. FY Lottery Prizes and Commissions (Millions) $. $. $. $. $.0 $. $. Nursing Facilities Fee FY Bed Days (Millions)....0 FY Intermediate Care Revenue (Millions) $.00 $.0 $. $. Liquor Profits FY Gross Liquor Sales (Millions) $. $0. $. $. $0. $. - - Authorized Print Version - SJ

18 SJ00.0 FY Cost of Goods Sold (Millions) $. $. $.0 $. $. $. FY Liquor Discounts and Commissions (Millions) $.0 $. $. $. $. $. FY Liquor Operating Costs (Millions) $. $. $. $.0 FY Other Income (Millions) -$0.00 -$0.00 -$0.00 -$0.00 Investment License Fee FY License Registration (Percent Change) 0.%.%.%.%.%.0% FY Portfolio Growth (Percent Change).%.%.%.%.%.% FY Expense Growth (Percent Change) -.%.%.% -0.% Electrical Energy Tax FY Kilowatt Hours Produced (Millions),.0,.,0.,. Highway Patrol Fines FY Montana Population >= Years of Age FY Per Capita Fines $. $. $. $. $. $. $. $. Metalliferous Mines Tax CY Copper Production (Million lb) Not disclosed, confidential information - - Authorized Print Version - SJ

19 SJ00.0 CY Silver Production (Million oz) Not disclosed, confidential information CY Gold Production (Million oz) Not disclosed, confidential information CY Lead Production (Million lb) Not disclosed, confidential information CY Zinc Production (Million lb) Not disclosed, confidential information CY Molybdenum Production (Million lb) Not disclosed, confidential information CY Palladium Production (Million oz) Not disclosed, confidential information CY Platinum Production (Million oz) Not disclosed, confidential information CY Nickel Production (Million lb) Not disclosed, confidential information CY Rhodium Production (Million oz) Not disclosed, confidential information CY Sapphire Production (Million oz) Not disclosed, confidential information CY Copper Sulfide Production (Million lb) Not disclosed, confidential information CY Copper Price (Per lb) Not disclosed, confidential information CY Silver Price (Per oz) Not disclosed, confidential information CY Gold Price (Per oz) Not disclosed, confidential information CY Lead Price (Per lb) Not disclosed, confidential information CY Zinc Price (Per lb) Not disclosed, confidential information CY Molybdenum Price (Per lb) Not disclosed, confidential information CY Palladium Price (Per oz) Not disclosed, confidential information CY Platinum Price (Per oz) Not disclosed, confidential information CY Nickel Price (Per lb) Not disclosed, confidential information CY Rhodium Price (Per oz) Not disclosed, confidential information - - Authorized Print Version - SJ

20 SJ00.0 CY Sapphire Price (Per oz) Not disclosed, confidential information CY Copper Sulfide Price (Per lb) Not disclosed, confidential information CY Effective Tax Rate (Percent) Not disclosed, confidential information Public Contractors Tax FY DOT Contracts (Millions) $. $. $. $. FY Other Contracts (Millions) $. $0. $0. $0. FY Credits and Refunds (Millions) $.0 $. $. $. Wholesale Energy Transaction Tax FY Kilowatt Hours (Millions),.,.0,.,. FY Credits for Taxes Paid (Millions) $0.000 $0.000 $0.000 $0.000 Beer Tax FY Barrels of Beer (Millions) FY Tribal Distribution (Millions) $0.0 $0.0 $0.00 $0.00 FY Effective Tax Rate (Dollars Per Barrel) $. $. $. $. Driver's License Fees FY Driver's License Fees (Millions) $. $. $. $. $. $. $.0 FY Duplicate License Fees (Millions) $0. $0. $0.00 $0. $0. FY Motorcycle Endorsement Fees (Millions) $0.0 $0.0 $0.0 $ Authorized Print Version - SJ

21 SJ00.0 FY Commercial Vehicle Endorsement (Millions) $0. $0. $0. $0. Tobacco Tax FY Value of Tobacco Products (Millions) $. $. $. $. FY Snuff Ounces (Millions) FY Tribal Distribution (Millions) $0.0 $0. $0. $0. $0. $0. Railroad Car Tax CY Total MT Market Value of Fleets (Millions) $. $. $. $. $. $. CY Taxable Value Rate (Percent).%.%.%.% CY % of Industrial and Commercial Mill Levy Wine Tax FY Wine Liters (Millions) FY Tribal Distribution (Millions) $0.0 $0.0 $0.0 $0.0 SELECTED NONGENERAL FUND REVENUE The estimates for selected nongeneral fund revenue for fiscal year and the - biennium are based on the assumption of a continuation of Montana law as existed on January,. The revenue estimates contained in the following table are based on the assumptions listed in the tables that follow the nongeneral fund estimates and the assumptions for each nongeneral fund revenue source contained in the "Legislative Budget Analysis, Biennium, Volume -- Revenue Estimates" prepared by the Legislative Fiscal Division. - - Authorized Print Version - SJ

22 SJ00.0 Current Law Selected Nongeneral Fund Revenue Estimates (In Millions of Dollars) Actual Estimated Estimated Estimated Source of Revenue Fiscal Fiscal Fiscal Fiscal Diesel Tax.... Federal Forest Receipts.... Gasoline Tax.... GVW and Other Fees...0. Resource Indemnity Tax..... Diesel Storage Tank Tax..0.. Arts Trust Interest Capital Land Grant Interest and Income Deaf & Blind Interest and Income Parks Trust Interest Pine Hills Interest and Income RIT Trust Interest Authorized Print Version - SJ

23 SJ00.0 Gasoline Storage Tank Tax.0... TSE Trust Interest Economic Development Trust Tobacco Trust Interest Regional Water Trust Interest Property Tax: Mill Common School Interest and Income Total Nongeneral Fund SELECTED ASSUMPTIONS FOR NONGENERAL FUND REVENUE ESTIMATES Year Assumption Gasoline Tax FY Taxable Gallons of Gasoline (Millions) FY Taxable Gallons of Gasoline -- Storage Tank Cleanup (Millions) FY Refunds (Millions) -$. -$. -$.0 -$. - - Authorized Print Version - SJ

24 SJ00.0 FY Alcohol Incentive (Millions) $0.000 $0.000 $0.000 $0.000 Diesel Tax FY Taxable Gallons of Diesel (Millions) FY Taxable Gallons of Diesel -- Storage Tank Cleanup (Millions) FY Refunds (Millions) -$. -$. -$. -$. GVW Fees FY GVW Fees (Millions) $. $. $. $. FY Form GVW Fees (Millions) $. $. $. $. FY Trip Permit Fees (Millions) $0. $0.00 $0.0 $0.0 FY County GVW Fees (Millions) $.0 $. $. $. FY Overweight Trip Permit Fees (Millions) $. $. $. $.0 FY Special Permit Fees (Millions) $. $.0 $.00 $. FY Temporary Fuel Permits (Millions) $0. $0. $0. $0. FY Other Fees (Millions) $. $. $. $. -Mill Levy Property Tax Indicators (See General Fund Property Tax Assumptions for Other Detail) FY Taxable Value (Millions) $,. $,0.0 $,0.0 $,.0 $,. $,. $,. $,. FY Nonlevy Revenue (Millions) $0.0 $0. $.0 $.00 FY -Mill Adjustments (Millions) $0.000 $0.000 $0.000 $0.000" - END Authorized Print Version - SJ