Existing law requires the Governor, on or before July 1 of each even-numbered year, to impanel an Economic Forum consisting of economic and financial experts appointed by the Governor to provide an estimate of the revenue that will be collected by the State for general, unrestricted uses during the subsequent biennium and to make such additional projections for economic indicators as the Economic Forum deems necessary to ensure that this estimate is accurate. (NRS 353.226, 353.228) Existing law creates the State Education Fund for the purpose of supporting the operation of the public schools in this State and requires certain revenues of the State be deposited in the Fund. (NRS 387.1212) Section 1 of this bill requires the Economic Forum to provide, in addition to an estimate of general, unrestricted revenues, an estimate of the revenue that will be collected by the State in the subsequent biennium that is required to be deposited for credit to the State Education Fund. Existing law requires the Governor, to the extent practicable, to ensure that money in the State General Fund is reserved in the proposed executive budget for transfer to the State Education Fund in an amount that equals the amount transferred in the immediately preceding biennium: (1) plus the greater of the rate of increase in revenue collected for general, unrestricted uses as projected by the Economic Forum or the combined rate of inflation and the growth of enrollment in the public schools in this State in the immediately preceding biennium; or (2) decreased by an amount not greater than the rate of decrease for the revenue collected by the State as projected by the Economic Forum. (NRS 387.12455) Section 4 of this bill requires the amount reserved in the proposed executive budget for transfer to the State Education Fund, if the Economic Forum projects an increase in State revenue, to be the amount transferred during the immediately preceding biennium plus the rate of increase in revenue collected for general, unrestricted uses as projected by the Economic Forum, without taking into consideration the combined rate of inflation and growth of enrollment in public schools. Section 4 also no longer requires the Governor to consider projected growth of enrollment in public schools when recommending statewide base per pupil funding. Existing law provides that if the final computation of apportionment for any school district, charter school or university school for profoundly gifted pupils exceeds the actual amount paid to that entity during the school year, the additional amount due to the entity is required to be paid before September 1. If the final computation of apportionment for any school district, charter school or university school for profoundly gifted pupils is less than the actual amount paid to the entity during the school year, the entity is required to pay the difference to the State Education Fund before September 25. (NRS 387.1243) Section 3 of this bill changes the date for such a payment to the State Education Fund by a school district, charter school or university school for profoundly gifted pupils from before September 25 to before September 1. Existing law imposes an excise tax on: (1) the first wholesale sale in this State of cannabis by a medical cannabis cultivation facility or an adult-use cannabis cultivation facility to another cannabis establishment; and (2) each retail sale in this State of cannabis or cannabis products by an adult-use cannabis retail store or cannabis consumption lounge. Existing law requires the revenues collected from the excise tax on wholesale sales of cannabis to first be distributed to the Cannabis Compliance Board and to local governments to pay the costs of the Board and local governments to carry out the provisions governing the sale and taxation of cannabis and cannabis products. Any amount of revenue remaining after these distributions is required to be deposited in the State Education Fund. Although existing law caps the amount of revenue from wholesale sales which is authorized to be used to pay the costs of local governments at $5,000,000, existing law does not place a limit on the costs of the Board which are authorized to be reimbursed from such revenues. (NRS 372A.290) Section 2 of this bill eliminates the requirement to use revenue from the tax on wholesale sales of cannabis to pay the costs of the Board, but retains the requirement for the Board to transfer $5,000,000 to local governments for their costs. Section 5 of this bill makes an appropriation to the Board to pay the costs of the Board to carry out certain provisions governing the regulation of cannabis and cannabis products.

Statutes affected:
As Introduced: 353.228, 372A.290, 387.1243, 387.12455
BDR: 353.228, 372A.290, 387.1243, 387.12455