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 0403 - Abolishes the Budget Stabilization and Cash Operating Reserve Funds
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 1709-01
BILL NO.: Truly Agreed To and Finally Passed SB 403
SUBJECT: Budget Reserve Fund
TYPE: Original
DATE: May 3, 1999
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Budget Reserve Fund | $400,000,000 | ||
| Cash Operating Reserve Fund | ($270,000,000) | ||
| Budget Stabilization Fund | ($130,000,000) | ||
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials from the Governor's Office and the Office of Administration, Division of Budget and Planning and Department of Revenue assume no fiscal impact as a result of the proposal.
Officials from the State Treasurer's Office (STO) assume this proposal would create one new accounting fund and abolish two accounting funds. This would slightly decrease the number of accounting transactions that are processed through the accounting system.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| BUDGET RESERVE FUND | |||
| Transfer In | |||
| Transfer from Cash Operating Reserve Fund | $270,000,000 | ||
| Transfer from Budget Stabilization Fund | $130,000,000 | ||
| ESTIMATED NET IMPACT ON | |||
| BUDGET RESERVE FUND | $400,000,000 | ||
| CASH OPERATING RESERVE FUND | |||
| Transfer Out | |||
| Transfer to Budget Reserve Fund | ($270,000,000) | ||
| ESTIMATED NET IMPACT ON | |||
| CASH OPERATING RESERVE FUND | ($270,000,000) | ||
| BUDGET STABILIZATION FUND | |||
| Transfer Out | |||
| Transfer to Budget Reserve Fund | ($130,000,000) | ||
| ESTIMATED NET IMPACT ON | |||
| BUDGET STABILIZATION FUND | ($130,000,000) | ||
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| (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
This proposal would establish a Budget Reserve Fund to provide monies for financial emergencies and natural disasters. The Budget Reserve Fund would replace two existing funds, the Cash Operating Reserve Fund and the Budget Stabilization Fund.
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
Office of Administration
Division of Budget and Planning
Secretary of State's Office
State Treasurer's Office
Office of the Governor
Cash Receipts Monthly Fund Activity Report
Jeanne Jarrett, CPA
Director
May 3, 1999