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H.R. 3964, Sacramento-San Joaquin Valley Emergency Water Delivery Act 1 (February 4, 2014)

handle is hein.congrec/cbo1459 and id is 1 raw text is: CBO Estimate of Direct Spending and Revenue effects of H.R. 3964, the Sacramento-San Joaquin Valley Emergency Water Delivery Act, as posted by the House Committee on Rules on January 29, 2014 (CPRT-113-HPRT-RU00-HR3964)a 2/04/2014 (by fiscal year, in millions of dollars) 2014- 2014- 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2019 2024 CHANGES IN DIRECT SPENDING Title III - Early Repayment of Capital Debt Estimated Budget Authority -38 -161 -18 -18 -3 10 10 10 10 10 10 228 178 Estimated Outlays -38 -161 -18 -18 -3 10 10 10 10 10 10 228 178 Title I - Central Valley Project Reliability Act Estimated Budget Authority -1 -1 -1 -1 -1 -1 -1 -1 -1 -16 11 Estimated Outlays -1 -1 -1 -1 -1 -1 -1 -1 -1 -16 11 Total Changes in Direct Spending Estimated Budget Authority -39 -162 -19 -19 -4 9 9 9 9 9 9 234 189 Estimated Outlays -39 -162 -19 -19 -4 9 9 9 9 9 9 234 189 CHANGES IN REVENUES Changes in Estimated Revenuesb * -1 -2 3 - 3 - 3 - 3 - 3 - 3 - 3 - 3 12 27 NET INCREASE OR DECREASE (-) IN THE DEFICIT FROM CHANGES IN DIRECT SPENDING AND REVENUES Changes in Deficits -39 -161 -17 -16 -1 12 12 12 12 12 12 222 162 Sources: Congressional Budget Office and staff of Joint Committee on Taxation. Notes: Estimates are relative to CBO's February 2014 baseline. Components may not sum to totals because of rounding; * revenue loss of less than $500,000. CBO has not completed an estimate of the impact of H.R. 3964 on spending that would be subject to appropriation or an analysis of intergovernmental and private-sector mandates as defined in the Unfunded Mandates Reform Act. a. H.R. 3964 would amend the Central Valley Project Improvement Act and the San Joaquin River Restoration Settlement Act to change water management plans and environmental restoration goals for the Central Valley region in California. The bill would authorize the Bureau of Reclamation to convert some water service contracts to accelerated repayment contacts, which would increase receipts to the federal government in the first few years after enactment, but reduce receipts in subsequent years. Staff of the Joint Committee on Taxation estimates that some of those accelerated payments would be financed with bonds exempt from federal taxation, leading to a revenue loss. The bill also would impose a specified timeline for water transfers among the Central Valley Project contractors and would deem certain water transfers to have met the requirements of some environmental laws. CBO expects that those changes would result in more water transfers, leading to additional offsetting receipts of $1 million annually. b. For revenues, negative numbers indicate an increase in the deficit. Estimate prepared by staff of the Joint Committee on Taxation. AS

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