MICHIGAN STRATEGIC FUND S.B. 1104 (S-2):
FLOOR SUMMARY
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Senate Bill 1104 (Substitute S-2) (as passed by the Senate)
Sponsor: Senator Mark C. Jansen
Committee: Appropriations
CONTENT
The bill would provide a supplemental appropriation to the Michigan Strategic Fund for the Jobs for Michigan Investment Program - 21st Century Jobs Fund. The bill would increase the line item by $3.0 million in FY 2008-09 from the 21st Century Jobs Trust Fund. The additional funds would be allocated to Lakeshore Advantage for the same purposes for which that organization received funds in Public Act 127 of 2007 (the FY 2007-08 general government appropriation act).
The bill is tie-barred to Senate Bills 1588, 1589, 1590, and 1592, and House Bills 6542, 6543, 6546, and 6625.
FISCAL IMPACT
The bill would increase the appropriations to the Michigan Strategic Fund by $3.0 million in FY 2008-09, increasing funding for the 21st Century Jobs Trust Fund programs from $62.0 million to $65.0 million. The additional funds would be allocated to Lakeshore Advantage, an economic development organization, to use in conjunction with Michigan State University for the operation of a former Pfizer facility (now owned by Michigan State University) in Holland for bio-economy research and other purposes. This appropriation would restore funds vetoed by the Governor in the annual budget for the Michigan Strategic Fund, Public Act 261 of 2008. The Michigan Trust Fund Act provides for the deposit to the 21st Century Jobs Trust Fund of $75.0 million annually until FY 2014-15 and $30.0 million in FY 2015-16; however, the funds cannot be spent until they are appropriated by the Legislature.
Date Completed: 12-10-08 Fiscal Analyst: Elizabeth Pratt
Maria Tyszkiewicz
floor\sb1104 Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb1104/0708