BILL ANALYSIS Ó SB 722 Page 1 Date of Hearing: May 7, 2014 ASSEMBLY COMMITTEE ON APPROPRIATIONS Mike Gatto, Chair SB 722 (Correa) - As Amended: April 22, 2014 Policy Committee: Veterans AffairsVote: 8-0 Urgency: Yes State Mandated Local Program: No Reimbursable: SUMMARY This urgency bill extends the sunset date, from July 1, 2014 to July 1, 2016, for the reversion of funds from the California Mexican American Veterans' Memorial Beautification and Enhancement Account to the General Fund. FISCAL EFFECT By extending the reversion sunset there is a foregone revenue loss of about $300,000 - the balance of the account that would revert to the GF absent a sunset extension. COMMENTS 1)Rationale . This bill allows fundraising efforts for the California Mexican American Veterans' Memorial to continue. The Memorial Committee and the Department of Veterans Affairs (CalVet) hope to fund and construct the project in three stages, with a total cost of $800,000. 2)Background. The California Mexican American Veterans' Memorial Beautification and Enhancement Account was created in 2008 (SB 599, McLeod, Statutes of 2007) for the deposit of private donations to design and construct the California Mexican American Veterans' Memorial. CalVet administers the fund. Moneys in the account are continuously appropriated for the project; however, any funds remaining in the account are scheduled to revert to the GF July 1, 2014. SB 599 also repealed an 11-member California Mexican American Veterans' Memorial Beautification and Enhancement Commission SB 722 Page 2 and replaced it with a 7-member commission consisting of five gubernatorial appointees and one appointee each of the Senate President Pro Tempore and the Assembly Speaker. The commission is authorized to establish a schedule for design, construction and dedication of the memorial, solicit and select designs to enhance the existing memorial, and solicit contributions. Presently, a lone soldier monument entitled "El Soldado" stands across the street from the West entrance of the State Capitol. It was moved to this location in 1975 after being donated to the State of California with the expectation it would become part of a permanent state memorial. Analysis Prepared by : Geoff Long / APPR. / (916) 319-2081