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>>

  • Cherokee County Budget Hearing

    Cherokee County Budget Hearing

    Monday, August 21 2017 7:30 PM EDT2017-08-21 23:30:11 GMT
    Residents from Cherokee County gather at the public budget hearing, hoping to know more about where their tax dollars are going. Potential tax increases have local farmers like Laura Atkinson cautious. "Hopefully the farmers will look into this a little more and realize how much their taxes are going to increase this year. I don't want them to get sticker shock when they get their statements. So i hope they get a little more involved in it" says Laura Atkinson, a local farme...More >>
    Residents from Cherokee County gather at the public budget hearing, hoping to know more about where their tax dollars are going. Potential tax increases have local farmers like Laura Atkinson cautious. "Hopefully the farmers will look into this a little more and realize how much their taxes are going to increase this year. I don't want them to get sticker shock when they get their statements. So i hope they get a little more involved in it" says Laura Atkinson, a local farme...More >>
  • MSSU Holds Inaugural Green Coat Ceremony

    MSSU Holds Inaugural Green Coat Ceremony

    Saturday, August 19 2017 8:59 PM EDT2017-08-20 00:59:55 GMT
    You may have heard of a white coat ceremony. The signal of the start of medical school, but this is a bit different. Missouri Southern State University officials gave each student a green jacket as a symbol of the start of their undergrad career. "Students will enter into school this fall, they'll receive their bachelor's degree in biology in 3 years" says Dr.. Donna Johnson , the director of the Yours to Lose program. But their education doesn't end there. Their...More >>
    You may have heard of a white coat ceremony. The signal of the start of medical school, but this is a bit different. Missouri Southern State University officials gave each student a green jacket as a symbol of the start of their undergrad career. "Students will enter into school this fall, they'll receive their bachelor's degree in biology in 3 years" says Dr.. Donna Johnson , the director of the Yours to Lose program. But their education doesn't end there. Their...More >>
  • Joplin Takes a Stand against Racism

    Joplin Takes a Stand against Racism

    Friday, August 18 2017 11:31 PM EDT2017-08-19 03:31:15 GMT

    Community leaders held a rally against racism Friday night in response to the recent violent protests in Charlottesville, Virginia.

    More >>

    Community leaders held a rally against racism Friday night in response to the recent violent protests in Charlottesville, Virginia.

    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 - 2017 KOAM. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.