SENATE BILL REPORT

HB 744

BYRepresentatives Schoon, Vekich and P. King; by request of  Department of Trade and Economic Development

Revising provisions relating to the state trade fair fund.

House Committe on Trade & Economic Development

Senate Committee on Commerce & Labor

Senate Hearing Date(s):March 26, 1987

Senate Staff:Patrick Woods (786-7430)

AS OF MARCH 25, 1987

BACKGROUND:

The Department of Trade and Economic Development administers the state Trade Fair Fund.  The fund was established to foster international trade activities through the provision of financial aid to assist the staging of trade fairs.  The state Trade Fair Fund is financed with 3 percent of the proceeds of the tax on parimutuel horse-racing that the state levies under RCW 67.16.100.

Access to the funds is only granted by legislative action, with the exception of up to million dollars which the Director of the Department of Trade and Economic Development was permitted to utilize for foreign trade related activities.  Such activities were defined as the promotion of tourism, foreign trade, and foreign investment in the state.  The current condition is that the Director of the Department of Trade and Economic Development and the State Treasurer determine which monies in the Trade Fair Fund are surplus, and such funds are transferred into the general fund.

The Department is requesting the authority to expend surplus monies in the Trade Fair Fund without the requirement of prior legislative approval.

SUMMARY:

The Director of the state Department of Trade and Economic Development may elect to expend up to $1 million of funds determined to be surplus funds in the State Trade Fair Fund each biennium on foreign trade related activities, including, but not limited to promotion of investment, tourism, and foreign trade.

Fiscal Note:    requested