HB 553 Summary

• Creates the Kids and Communities First Grant Program to provide grants to school districts and political subdivisions for job creation, maintenance, retention programs, and to alleviate need for new local tax levies.

• Director of Budget and Management shall adopt rules within 30 days establishing application procedures, competitive grant award process, distribution procedures, and monitoring requirements for the program.

• Establishes the Kids and Communities First Fund in the state treasury; all grants require prior approval from the Controlling Board.

• Appropriates $120,000,000 from the Budget Stabilization Fund to the Kids and Communities First Fund effective July 1, 2012, with additional funding from General Revenue Fund surplus above required reserves.

• Makes various other appropriations to state agencies including $2,362,025 to Budget Development and Implementation, $1,358,000 to OAKS Project Implementation, and authorizes $1,100,000 annual transfers to support the OAKS Project Implementation Fund.