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Funds from Lifetime license sequestered from conservation Conservation fund has added a fund called the fish and game trust account. It is sometimes called the fish and game trust fund. The conservation fund has 8 different accounts Traditional account Marine resources/shellfish account State fish and game trust account* Migratory bird stamp account Guide’s license account Habitat account Venison donation account Outdoor recreation and trail maintenance account [*]State fish and game trust account Sequesters and separates funds from lifetime licenses from other license funds. Lifetime license fees are put into the fish and game trust account. All other (annual) sporting license funds are put into the traditional account. Funds in the fish and game trust account are not accessible or liquid. Funds are not used for conservation instead invested by the state comptroller in the Short Term Investment Pool (“STIP”). Traditional account is used for conservation practices only. Interest/yield/return from the state fish and game trust account might revert to the traditional fund account to be used for conservation. State keeps yield beyond price of an annual sporting license, therefore, the maximum amount that can revert back to the traditional account and thereby be used for conservation is the price of an annual license. The actual law follows: iii.Earned income from the sale of all lifetime licenses, except income earned on the proceeds of the sale of a lifetime license during the period from sale of such license until April first of the year following one full year of deposit of the proceeds of the sale of such lifetime license, shall be available for deposit within the conservation fund pursuant to paragraph one of this subdivision in an amount equal to the cost of the appropriate annual license. The earned income which exceeds the current cost of each annual license comparable to the lifetime license shall be added to the trust account as principal. The earned income from lifetime licenses issued to persons who are under the legal age to implement such licenses shall be added to the trust account as principal until such person becomes of legal age to hunt, fish or trap. Very complicated stipulations are set forth for lifetime licenses bought for children before they are old enough to hunt, as written in the state finance law quoted above. The funds in the fish and game account can be used by the state to lend itself money creating a ‘shell game’ according to state comptroller, DiNapoli: (The states STIP, which holds unused funds from various agencies and was intended as a kind of credit line for ‘episodic shortfalls’ is ‘now used to cover built in and permanent structural deficits’. See below or click link: http://www.osc.state...pr10/040510.htm Abusing Temporary Loans •The state often borrows from the state’s Short Term Investment Pool (STIP) to meet short-term cash shortfalls. These loans, intended to cover episodic shortfalls, are now used to cover built-in and permanent structural deficits. For the last 10 years, the state has closed the fiscal year with an average of $1.4 billion in outstanding temporary loans, clearly illustrating the state’s failure to address chronic deficits deeply embedded within the budget. •The General Fund is increasingly relying on temporary loans from other funds. In December 2009, for the first time in recent history, the state closed the month with a General Fund cash deficit of $577 million prior to adjustments. In 2010-11, DOB is projecting the General Fund will have to borrow from other funds for four months in a row, starting in May. Federal conservation funds may be affected In 2012, language in the New York State budget did not comply with the conditions of receiving federal conservation funds. The NY DEC and FWS worked with the governor’s office to meet compliance and language in the budget was revised. However, the fish and wildlife service indicated that although they would accept this revision for 2012; that in the following year, 2013, more revisions were necessary. During the 2013 Environmental conservation budget hearing, there was discussion that the FWS again rejected the language in this year’s budget. The commissioner of the DEC had indicated that during this hearing that the issue is being resolved. This is not verified, but we believe part of the issue regarding New York’s eligibility for federal sport fish and wildlife restoration funds is due to the sequestration of lifetime license funds 3. Investing the state Fish and game trust account may have incurred a large loss in 2010*** ***Supporting graphs attached to adobe file at the beginning of post, on page 3*** For other issues, follow us on Facebook: https://www.facebook...365031743546569