(a) The community revenue sharing fund is established in the general fund for the purpose of making community revenue sharing payments to municipalities, reserves, and communities for any public purpose. The fund consists of appropriations. Income earned on money in the fund may be appropriated to the fund. Money in the fund does not lapse.
(b) Each fiscal year, the legislature may appropriate to the community revenue sharing fund money received by the state during the previous calendar year under AS 43.20.030 (c). The amount may not exceed
(1) $60,000,000; or
(2) the amount that, when added to the fund balance on June 30 of the previous fiscal year, equals $180,000,000.
(c) The balance in the community revenue sharing fund shall be determined on June 30 of each year. If the fund balance is at least $60,000,000, without further appropriation, the department shall distribute one-third of that amount as community revenue sharing payments for the immediately following fiscal year. Otherwise, no payments may be made.
(d) Notwithstanding the guidelines in (b) of this section, the legislature may appropriate any amount to the community revenue sharing fund. Nothing in this section creates a dedicated fund.
Section: 29.60.850 29.60.855 29.60.860 29.60.865 29.60.879 NextLast modified: November 15, 2016