After the legislature passed a months-late final FY19 spending bill just before Christmas, it seemed very likely that there would be $20 million in surplus funds available for the CPA Trust Fund. And now we have the official word: the state comptroller has finished closing the books and issued the 2019 Statutory Basis Financial Report (SBFR). Page 130 of the SBFR shows the good news: $20 million available for CPA from the consolidated net surplus.
The Coalition contacted the comptroller's office and confirmed that the $20 million has already been transferred to the CPA Trust Fund. This morning we also received confirmation from The Department of Revenue (DOR) that they will be recalculating the distribution that communities received back in November with the additional funding factored in. Communities will be receiving an additional distribution once these calculations have been finished, but there's still no official word on the timing. We are hopeful that this second distribution will be finalized by the end of January.
The supplement of an additional $20 million to the previously distributed $25 million should boost the Trust Fund match percentage by a considerable amount. The Coalition will issue an updated spreadsheet once the calculations have been finalized by DOR.