COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. No.:         1920-02

Bill No.:          Perfected SCS for SB 497

Subject:           Counties: Depositaries

Type:              Original

Date:               March 27, 2007

Bill Summary:            Changes the time for which bids and selection of county depositaries are to be made.

FISCAL SUMMARY

Numbers within parentheses: ( ) indicate costs or losses.

This fiscal note contains 4 pages.

☐ Estimated Total Net Effect on All funds expected to exceed $100,000 savings or (cost).

☐ Estimated Net Effect on General Revenue Fund expected to exceed $100,000 (cost).

FISCAL ANALYSIS

ASSUMPTION

Officials of the Office of State Auditor assume no fiscal impact.

The Boone County Treasurer assumes no fiscal impact.

The St. Louis County Public Administrator assumes there would be considerable administrative impact from complying with the new duties in this proposal.

The Jackson County Public Administrator stated that they would anticipate that they would incur costs of at least $75,000 per year. Officials stated those costs would include the need to add at least .50 FTE, an Attorney to the staff to prepare and process the legal documents necessary in order to open the estates for funds management as require under Section 473.743 RSMo. Officials assume they would also incur expenses related to the court costs assessed to open the estate and to manage the assets until they could be transferred to the heirs at law. Officials assume there would be no loss of revenue.

Oversight assumes there would be a switch of duties from the County Treasurer to the County Public Administrator. Oversight assumes that any costs in performing these duties would be defrayed in the manner allowed for by law and in Section 473.743 RSMo., the Public Administrator would deduct all fees and expenses at time of settlement. Oversight assumes there would be no fiscal impact.

FISCAL IMPACT - Small Business

No direct fiscal impact to small businesses would be expected as a result of this proposal.

FISCAL DESCRIPTION

Current law requires unclaimed money or property found upon a deceased person be delivered to the Public Administrator. This act requires the Public Administrator to follow the procedures laid out for taking charge of a deceased person's estate. In addition to other circumstances, the Public Administrator shall have the duty of taking charge of a deceased person's estate when monies are delivered to him or her by the County Coroner.

These sections changes the deadline from April 1 of each year to any date on or before the first Monday of July for County Commissions to receive proposals and publicly open bids from banks to be selected as the depositaries of county funds. The provision requiring counties to divide the funds is repealed.

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 the State Auditor

Boone County Treasurer

Jackson County Public Administrator

St. Louis County Public Administrator

NOT RESPONDING

Callaway County

Camden County

Cape Girardeau County

Carroll County

Franklin County

Laclede County

Marion County

Miller County

New Madrid County

Perry County

                                                                                                Mickey Wilson, CPA

                                                                                                Director

                                                                                                March 27, 2007