This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0787 - Requires department of economic development to initiate 3 community revitalization projects in high poverty areas
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 3170-02
BILL NO. HCS for SB 787
SUBJECT: Community Revitalization Projects
TYPE: Original
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| General Revenue
Fund |
($45,417) to
(Unknown) |
($46,466) to
(Unknown) |
($47,759) to
(Unknown) |
| Total Estimated
Net Effect on All State Funds |
($45,417)
to (Unknown) |
($46,466)
to (Unknown) |
($47,759)
to (Unknown) |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| None | $0 | $0 | $0 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
The Department of Economic Development (DED) assumes this legislation requires formation of five community revitalization projects to develop a community building and asset building plan within one year of formation. The DED assumes this program must start by July 1, 1999.
The DED assumes state involvement with the five pilot projects will require one Economic Development Incentive Specialist and related expenses and equipment including $2,466 for rental space in the Truman State Office Building. The DED assumes they would develop, administer and help implement the plan including assistance with raising funds. The Economic Development Incentive Specialist would also answer questions, meet with the oversight committee, and assist with the identification of the pilot projects. The DED assumes they would appoint an oversight committee to review proposals. The DED assumes they would conduct evaluations contract activities as required in the proposal.
The DED assumes this proposal says the DED may match the local funds raised. The DED estimates the matching funds to be $30,000 per pilot year. The DED assumes the matching costs are subject to appropriation.
Oversight assumes the additional staff would be located within existing office space and would not require additional funds for rent expense. Oversight assumes the proposal as amended would stop project funding on July 1, 2004. The amendment is not expected to have any affect during the fiscal note period.
Oversight assumes the amount to be used to match funds raised by the local pilot projects is unknown and subject to appropriation.
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| GENERAL REVENUE FUND | |||
| Costs - DED | |||
| Personal Service - (1 FTE) | ($19,344) | ($23,803) | ($24,398) |
| Fringe Benefits | (5,422) | (6,672) | (6,839) |
| Expense and Equipment | (20,651) | (15,991) | (16,522) |
| ($45,417) | ($46,466) | ($47,759) | |
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (continued) | (10 Mo.) | ||
| GENERAL REVENUE FUND | |||
| Other Costs (Subject to Appropriation) | $0 to | $0 to | $0 to |
| Matching Funds for local pilot projects | (Unknown) | (Unknown) | (Unknown) |
| Estimated Net Effect on | ($45,417) to | ($46,466) to | ($47,759) to |
| GENERAL REVENUE FUND | (Unknown) | (Unknown) | (Unknown) |
| FISCAL IMPACT - Local Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| $0 | $0 | $0 | |
| FISCAL IMPACT - Small Business | |||
This proposal could impact small businesses located in the revitalization project areas.
DESCRIPTION
This act requires the Department of Economic Development to initiate five pilot community revitalization projects in high poverty areas of the state. The projects are to be centered around micro-economic development of community resources, and the Department of Economic Development is required to coordinate public and private resources to help develop economic strategies to increase individual, family, and community assets. The projects are required to begin by July 1, 1999 and project funding would stop on July 1, 2004.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Economic Development
Jeanne Jarrett, CPA
Director
April 20, 1998