This bill creates the Coastal Storm Risk Management Trust Fund in the U.S. Treasury. The fund will receive $1,000,000,000 each fiscal year from revenues the United States receives under the Outer Continental Shelf Lands Act. The Secretary of the Treasury will administer the fund and may invest amounts not needed for current withdrawals in U.S. obligations. Money in the fund is available, when appropriated in advance, to pay the federal share of construction, operation, maintenance, repair, rehabilitation, and periodic nourishment of coastal storm risk management projects carried out by the Secretary of the Army through the Chief of Engineers. The Secretary must submit a budget request equal to the projected beginning-of-year fund balance and must report annually on amounts used, projects funded, and the unobligated balance. If the fund is terminated, any unobligated balances are transferred to the Treasury general fund.
The bill creates a dedicated source of money for coastal storm and shoreline protection work done by the Army Corps of Engineers. Funds come from offshore receipts and can be used only for projects that Congress has specifically authorized and that the Corps carries out. Even with the fund, Congress must appropriate money before it can be spent. The bill also changes budget rules so appropriations from this fund for Corps accounts are treated in a specific way in budget enforcement calculations.
The bill directs deposits of $1,000,000,000 to the trust fund for each fiscal year, derived from Outer Continental Shelf receipts, plus any investment earnings. Amounts remain available until expended but must be made available in advance in appropriations acts before being obligated. No publicly available information on a Congressional Budget Office score or total estimated long-term federal cost is included in the bill text provided.
No publicly available information.
No publicly available information.