Quantcast

AG Schmidt: Kansas receives $62.2 million payment from tobacco s - KOAM TV 7

AG Schmidt: Kansas receives $62.2 million payment from tobacco settlement

Updated:
NEWS RELEASE FROM THE OFFICE OF KANSAS ATTORNEY GENERAL DEREK SCHMIDT

AG Schmidt: Kansas receives $62.2 million payment from tobacco settlement

TOPEKA – (April 18, 2014) – Kansas has received its annual tobacco settlement payment totaling $62.2 million, Attorney General Derek Schmidt announced today.

The final installment of the state’s annual payment was verified today. The $62.2 million total is within the range of payments received by Kansas in recent years. Schmidt said that was the intended result of a legal settlement term sheet Kansas entered into in 2012 with several tobacco companies to resolve a long-running dispute that had put future years’ payments at risk. The settlement term sheet was approved by an arbitration panel composed of retired federal judges in 2013. Absent settlement, the dispute had threatened to cause a catastrophic reduction in future years’ payments to Kansas.

“As we said last year, the settlement in principle is having the effect of stabilizing Kansas’ annual payments,” Schmidt said. “We are managing the settlement proceeds in a way calculated to minimize the spikes or drops in receipts from year to year so that legislators and other Kansans can plan reliably.”

As it does each year, the annual payment will reimburse the state for funds previously appropriated by the Legislature to pay the current fiscal year’s cost of programs financed from tobacco settlement proceeds. Because of the timing of the annual tobacco payment in comparison with the state budget cycle, the Legislature each year appropriates the funds that will not be received until the following April and then reimburses that amount when the annual payment is received.

Each April, Kansas receives a payment pursuant to the 1998 Master Settlement Agreement. The amount of the payment fluctuates based on several variables, including annual sales of certain tobacco products.

# # #

  • Local NewsMore>>

  • Local Woman Recalls Meeting Barbara Bush

    Local Woman Recalls Meeting Barbara Bush

    Saturday, April 21 2018 6:15 PM EDT2018-04-21 22:15:10 GMT
    Barbara Bush's passing has impacted many people in the country and that includes a longtime Joplin resident who had the opportunity to do Mrs. Bush's hair. Letha DeMier met the former first lady in November of 1998. Mrs. Bush visited Joplin to make a keynote speech at the Freeman Quality in Medicine Award. DeMier received a call requesting that she style Barbara Bush's hair before her speech. While DeMier says it was a little intimidating at first, she says the former first ...More >>
    Barbara Bush's passing has impacted many people in the country and that includes a longtime Joplin resident who had the opportunity to do Mrs. Bush's hair. Letha DeMier met the former first lady in November of 1998. Mrs. Bush visited Joplin to make a keynote speech at the Freeman Quality in Medicine Award. DeMier received a call requesting that she style Barbara Bush's hair before her speech. While DeMier says it was a little intimidating at first, she says the former first ...More >>
  • Happy 107!

    Happy 107!

    Friday, April 20 2018 7:26 PM EDT2018-04-20 23:26:42 GMT

    Two very special Neosho County women are approaching an amazing milestone. They're both turning 107 in the coming weeks. 

    More >>

    Two very special Neosho County women are approaching an amazing milestone. They're both turning 107 in the coming weeks. 

    More >>
  • Don't Ask for Bongs in this Joplin Store on 4/20...or Any Day...Despite What You See

    Don't Ask for Bongs in this Joplin Store on 4/20...or Any Day...Despite What You See

    Friday, April 20 2018 6:41 PM EDT2018-04-20 22:41:59 GMT

    "You're outta here."

    More >>

    "You're outta here."

    More >>
Powered by Frankly

KOAM - Licensed to Pittsburg, Kansas
Send tips, ideas and press releases to: tips@koamtv.com
Send newsroom questions or comments to: comments@koamtv.com
Phone: (417) 624-0233 or (620) 231-0400
Web comments or questions: webmaster@koamtv.com
Newsroom Fax: (417) 624-3158

Powered by WorldNow All content © Copyright 2000 - 2018 KOAM. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.