BILL ANALYSIS Ó
SENATE COMMITTEE ON BUDGET AND FISCAL REVIEW
Mark Leno, Chair
Bill No: SB 232
Author: Senator Monning
As Amended: September 6, 2013
Consultant: Brady Van Engelen
Fiscal: Yes
Hearing Date: September 12, 2013
Subject: California Central Coast State Veterans Cemetery
at Fort Ord Endowment Fund
Summary: This bill would repeal the previous authorization
of the Director of Finance to transfer, as a loan, up to
$1.5 million from the General Fund to the Endowment Fund,
and instead will make an appropriation of $1 million from
the General Fund to the Endowment Fund for the construction
of the California Central Coast State Veterans Cemetery at
Fort Ord.
Existing Law:
The California Central Coast State Veterans
Cemetery at Fort Ord Endowment Fund (Endowment Fund)
has been established in the State Treasury, and
requires moneys in the Endowment Fund to be allocated,
upon appropriation by the Legislature, to the
Department of Veterans Affairs for the annual
administrative and oversight costs of the veterans
cemetery, as specified, and to generate funding
through interest for the veterans cemetery.
Requires moneys in the Endowment Fund to be
invested to generate ongoing earnings to cover the
estimated annual oversight and maintenance costs
associated with the veterans cemetery.
Requires the California Department of Veteran
Affairs to develop and submit a State Veterans
Cemetery Grant Program application to the United
States Department of Veterans Affairs for the
establishment of a veterans cemetery, upon the
Controller's determination that the Endowment Fund has
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adequate principal to yield sufficient investment
earnings in each year for the next 10 years, from the
date of the determination, to fully fund the
respective year's administrative and oversight costs,
and to fund the estimated costs of developing and
submitting the application.
Proposed Law:
Requires that moneys in the fund be allocated to
the department for the nonreimbursable costs of design
and construction and the annual operations and
maintenance costs of the veterans cemetery for the
next 10 years.
Authorizes moneys in the fund to be invested to
generate ongoing earnings to offset the estimated
annual operations and maintenance costs associated
with the veterans cemetery.
Requires the department to develop and submit a
State Cemetery Grants Application to the United States
Department of Veterans Affairs upon the Controller's
determination that the Endowment Fund has adequate
amounts, in addition to funding the estimated costs of
developing and submitting the application, to fully
fund the nonreimbursable costs of design and
construction and the operations and maintenance costs
for the next 10 years.
Requires the Controller to consider the estimated
revenues from specified fees expected to be deposited
into the Endowment Fund in making this determination.
Allows any moneys received from the State Veterans
Cemetery Grant Program to be used to reimburse the
Endowment Fund for specified allowable costs as
established by that program.
Fiscal Effect: Repeals previous authorization of the
Director of Finance to transfer as a loan up to $1.5
million from the General Fund to the Endowment Fund, and
appropriates $1 million General Fund to the Endowment Fund.
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Support:
Opposed:
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