What are the sources of revenue for the Excess Liability Trust Fund? What is the financial future for the ELTF?
The Indiana Code, at IC 13-23-7(2) lists the following sources of revenue: • Fees and penalties paid under IC 13-23-12. • Appropriations from the general assembly. • Gifts and donations intended for deposit in the fund. • Inspection fees paid under IC 16-44-2. • Bond revenue under IC 4-4-11.2-7(a)(1). • Any other money authorized to be deposited in or appropriated to the trust fund. The oil and inspection fee is the largest source of revenue. The fee, 40 cents per barrel of gasoline and kerosene received in the State, generates about $30,000,000 per year. The underground storage tank fee generates about $600,000. Currently, monthly claim payments exceed monthly revenue by about $1,550,000 ($4,000,000/$2,550,000). If/when the priority system is invoked, claim payments may not exceed revenue minus expenses. The State is currently investigating alternate sources of revenue and financing to alleviate the need to invoke the priority system.
