TRANSPORTATION. ANNUAL ALLOCATION OF 1% OF GENERAL FUND REVENUE. INITIATIVE STATUTE.

TRANSPORTATION. ANNUAL ALLOCATION OF 1% OF GENERAL FUND REVENUE. INITIATIVE STATUTE. Creates the Traffic Congestion Relief and Safe School Bus Trust Fund. Reallocates 1 % of General Fund revenue to the Trust Fund for transportation, environmental, and safety programs. Allocates portion of funds for: senior and disabled transportation programs; school bus safety; highway expansion; specific freeway interchange improvement; mass transit improvements, including bus purchases and commuter and light rail expansion; land acquisition for environmental purposes. Allocates money to 45 specific projects in one-time grants and ongoing appropriations. For remainder of Trust Fund, specifies distribution percentages, restricts Funds uses, requires accountability mechanisms. Summary of estimate by Legislative Analyst of fiscal impact on state and local governments: About $420 million in 2002-03 and $820 million in 2003-04, increasing annually thereafter, for state and local transportation-related purposes. Summary of estimate by Director of Finance of fiscal impact on state and local governments: Increases resources for state and local transportation related purposes by about $420 million in 2002-03 and $820 million in 2003-04, increasing annually thereafter. Potentially increases resources for Proposition 98 purposes and reduces those for other General Fund purposes by significant amounts that could exceed the amounts stated above