Water And Land Conservation Fund. Oil And Gas Revenues.

WATER AND LAND CONSERVATION FUND. OIL AND GAS REVENUES. INITIATIVE STATUTE. Creates state trust fund to finance land and water conservation programs, including purchase and improvement of parks, natural areas, wildlife habitats, watersheds for drinking water, and old growth redwood lands. Requires certain oil and gas related revenues received by the state be placed in trust fund. Specifies allocations for certain projects; allocates percentages of remaining funds to programs for education, parkland acquisition, neighborhood park safety, wildlife protection enforcement, habitat improvement, recreational and conservation programs benefitting at risk youth. Establishes land acquisition procedures for departments, local agencies, and nonprofit entities. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Redirects General Fund revenues of about $100 million annually from 1998-99 through 2000-01, and about $72 million annually thereafter. Redirection could be higher by unknown amounts (but potentially in the millions of dollars) to the extent the state receives additional revenues from settlements or awards related to litigation, or from compensation for the depletion of oil and gas beneath state lands. Potentially hundreds of thousands of dollars annual loss of property tax revenues to local governments