The SB 2012 Conference Committee meeting held on April 29, 2025, focused on the distribution of the legacy fund and its implications for state funding. The discussion began with a request from a committee member to review the current distribution of legacy earnings, particularly in relation to the bonding and highway funds.

The committee examined the existing law, which indicates that the approximate revenues from legacy earnings total around $686 million. This includes allocations of $102.6 million to the legacy earnings and sinking interest fund, $100 million to the legacy highway fund, and a split of 50% to the general fund and 50% to the sinking interest fund. Additionally, there was mention of a proposed transfer to the state tuition fund amounting to $121 million, which did not pass.

A significant point of contention arose regarding the funding for property tax relief. Committee members noted that the combined funding from the legacy earnings and highway fund was insufficient to meet the projected needs for property tax relief. The calculations indicated a shortfall, with the current funding level at $1.46, while the required amount was estimated at $1.80. This discrepancy raised concerns about how to adequately fund the necessary programs, particularly in light of the agreed-upon funding levels.

The meeting concluded with a recognition of the challenges ahead in reconciling the funding needs with the available resources. The committee acknowledged the complexity of the financial situation and the need for further discussions to find viable solutions. No immediate resolutions were reached, but the committee plans to continue addressing these issues in future meetings.