Does the Settlement Money Count Towards the VLF Trigger?
As part of the 1998-99 budget package, the Legislature and Governor agreed to certain cuts in the state’s vehicle license fee (VLF) in future years if specified revenue forecasts (or “triggers”) are reached. We believe that the additional General Fund revenues from the tobacco settlement would be counted toward the triggers. Based on our most recent revenue projections, however, revenues from the settlement would not be enough by themselves to pull a trigger and generate an additional cut in the VLF. However, the settlement monies would bring General Fund revenues closer to the levels that would activate the trigger and, if revenues increase beyond current projected levels, could result in an additional VLF cut in the future. When Will the Money Be Available? The settlement agreement sets forth a payment and distribution schedule for the monies to the states. The tobacco companies will make payments into an escrow account. However, none of the money would be distributed to the states f
Related Questions
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- Does the Settlement Money Count Towards the VLF Trigger?
