GOVT 2306 Chapter Notes - Chapter 11: Severance Tax, Franchise Tax, Fuel Tax
20 Oct 2016
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Document Summary
Nondictated revenue account and is the state"s primary operating fund. Includes 3 educational funds: available school fund, state textbook fund, foundation school fund. Includes funds dedicated to specific purposes that target money for specific purposes. Legislature can appropriate money from these accounts only for their dedicated purposes. Balances in this budget are used to certify that the constitutional pay-as- you-go limits are met. Consists of all other funds flowing into the state treasury not included in the other methods of financing. Includes state highway fund, trust funds, revenue held in certain higher education accounts. The aggregate of all the above budget that goes through agencies, including state and federal programs. Includes all grants, payments, and reimbursements received from the federal government by state agencies and institutions. Sales tax: 6. 25% of retail sales of tangible property and selected services, county, city, and metropolitan transit authorities are allowed to impose an additional 2 percent sales tax, affected by consumer spending.
