STATEMENT OF PURPOSE
RS26796
In 2013, legislation was created setting up two funds to solely benefit veterans in Idaho. The Idaho Veterans
Recognition Fund was established from moneys appropriated by excess revenues maintained by the Idaho
Division of Veterans Services (Section 65-702, Idaho Code). The intent of this fund was to safeguard
these reserves, at a higher mid-term holding earning rate, so that they are available to support the initial
construction costs of a second cemetery and fourth veterans nursing home without the use of the general
funds.
The second fund, identified as the Idaho Veterans Recognition Income Fund (Section 65-704, Idaho
Code), consists of monies transferred from the Idaho Veterans Recognition Fund. It was the intent of the
Legislature that the interest and earnings from the moneys in the Idaho Veterans Recognition Fund be
annually transferred to the Income Fund to be used to fund programs operated both within and outside state
and local government that are in support Idaho Veterans of the armed forces of the United States through
the means of providing grant opportunities as provided in IDAPA Rule 21.01.08.
While the Division of Veterans Services maintains the higher interest and investment earnings generated by
such moneys in the Veterans Recognition Fund, the lower interest rate generated by the short-term holdings
in the Veterans Recognition Income Fund is currently swept to the General Fund.
This legislation permits the short-term holdings in the Veterans Recognition Income Fund to also be used
solely to benefit Idaho veterans.
FISCAL NOTE
The estimated General Fund impact is $480.00 per year. Currently, the lower interest rates earned by these
short-term holdings in the Veterans Recognition Income Fund are swept to the General Fund. This legislation
allows the Division of Veterans Services to maintain these funds to be used for Idaho Veterans.
Contact:
Senator Carl Crabtree
(208) 332-1000
DISCLAIMER: This statement of purpose and fiscal note are a mere attachment to this bill and prepared by a proponent
of the bill. It is neither intended as an expression of legislative intent nor intended for any use outside of the legislative
process, including judicial review (Joint Rule 18).
Statement of Purpose / Fiscal Note S1080


Statutes affected:
Bill Text: 65-704