Provides that the Louisiana Education Quality Trust Fund shall be known as the "Kevin P. Reilly, Sr. Louisiana Education Quality Trust Fund." (gov sig)
Impact
The impact of SB 229 is primarily symbolic, reinforcing the legacy of Kevin P. Reilly, Sr. while affirming the importance of maintaining a dedicated revenue stream for education funding in Louisiana. By establishing the fund formally with its new title, the bill ensures that its mission continues to be associated with educational enhancement. Currently, the fund has a balance exceeding one billion dollars and has disbursed significant resources to various educational initiatives across the state, which proponents argue is critical for sustaining and improving educational outcomes.
Summary
Senate Bill 229 aims to amend and rename the Louisiana Education Quality Trust Fund to the 'Kevin P. Reilly, Sr. Louisiana Education Quality Trust Fund.' This bill honors the late Kevin P. Reilly, Sr., a significant figure in Louisiana's legislative history who served in the House of Representatives and was instrumental in the creation of the trust fund in the 1980s. The fund is intended to support elementary, secondary, and higher education through the management of revenues from mineral production and leasing activities on the Outer Continental Shelf. The bill outlines how these funds should be allocated and specifies that no appropriations can be made from this permanent trust fund.
Sentiment
The general sentiment regarding SB 229 appears to be positive among legislators, particularly those who acknowledge the contributions of Kevin P. Reilly, Sr. to education funding in Louisiana. The bill's supporters view it as a fitting tribute to a former leader while also reinforcing the state's commitment to education. However, there may be some contention among those who argue that renaming the fund may not address the underlying challenges facing educational funding, emphasizing the need for action beyond mere acknowledgment.
Contention
One point of contention could arise from discussions about the effectiveness and management of the Louisiana Education Quality Trust Fund itself. Critics might question whether simply renaming the fund will lead to any real changes in how education is funded or whether it will address ongoing disparities in educational resources. Furthermore, as the fund is tied to revenues from mineral resources, there are broader discussions about the sustainability and volatility of such funding sources in light of changing economic conditions.
(Constitutional Amendment) Allows for the use of a portion of the Louisiana Education Quality Trust Fund when there is a projected deficit (EG INCREASE SD EX See Note)
Provides relative to the purposes for which monies from the Quality Education Support Fund may be used by the State Board of Elementary and Secondary Education
Provides relative to permissible investment by the state treasurer of offshore revenues deposited into the Louisiana Education Quality Trust Fund (EN SEE FISC NOTE SD RV See Note)
Dedication of unclaimed property funds and creation of Louisiana Unclaimed Property Permanent Trust Fund and Louisiana Unclaimed Property Support Fund (RE -$24,700,000 GF RV See Note)
Provides for investment authority of the Treasurer for the Millennium Trust, the Rockefeller Wildlife Refuge Trust and Protection Fund, and the Russell Sage or Marsh Island Trust Fund. (Item #10) (7/1/20) (EN SEE FISC NOTE SD RV See Note)
Provides for investment authority of the Treasurer for the Millennium Trust, the Rockefeller Wildlife Refuge Trust and Protection Fund, and the Russell Sage or Marsh Island Trust Fund. (7/1/20) (OR SEE FISC NOTE SD RV)
Dedication of unclaimed property funds and creation of Louisiana Unclaimed Property Permanent Trust Fund. (Item #10) (See Act) (EN -$25,000,000 GF RV See Note)
Requests that the Bd. of Regents and the State Bd. of Elementary and Secondary Education, with the Taylor Foundation, La. Office of Student Financial Assistance, public postsecondary education management boards, and certain others, study certain issues relative to TOPS
Requests the Louisiana Workforce Commission and the Louisiana Department of Veterans Affairs to study employment practices and professional licensing requirements to benefit veterans in the workforce
Creates a task force to study meaningful oversight of the professional healthcare licensing boards statutorily created within the Department of Health and Hospitals.