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 0913 - Deposits of state funds should be in banks meeting community credit needs
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 3810-01
BILL NO. SB 913
SUBJECT: State Treasurer
TYPE: Original
DATE: February 19, 1998
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 1999
FY 2000
FY 2001 None
$0
$0
$0
Total Estimated
$0
$0
$0
|
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 2 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials of the State Treasurer's Office (STO) assume that the requirement by this proposal to review CRA ratings before placing any state funds on deposit with a financial institution could increase the office's work load due to the large number of demand and time deposits administered by the STO, as well as result in delays when responding to demand and time deposit requests. However, STO officials indicate that the office could absorb any additional costs through its current appropriation.
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Local Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
The proposal would require the state treasurer beginning July 1, 1999 to consider a depository institution's record of meeting community credit needs pursuant to the Community Reinvestment Act when depositing state funds in the institution.
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
State Treasurer's Office
Jeanne Jarrett, CPA
Director
February 19, 1998