COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 3415-01
Bill No.: HB 1415
Subject: Auditor, State; Bonds - General Obligation and Revenue
Type: Original
Date: January 29, 2008
Bill Summary: Changes the fee for the State Auditor to register bonds
FISCAL SUMMARY
ESTIMATED NET EFFECT ON GENERAL REVENUE FUND |
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FUND AFFECTED |
FY 2009 |
FY 2010 |
FY 2011 |
General Revenue |
($0 to $982,032) |
($0 to $982,032) |
($0 to $982,032) |
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|
|
|
Total Estimated Net Effect on General Revenue Fund |
($0 to $982,032) |
($0 to $982,032) |
($0 to $982,032) |
ESTIMATED NET EFFECT ON OTHER STATE FUNDS |
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FUND AFFECTED |
FY 2009 |
FY 2010 |
FY 2011 |
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|
|
|
|
|
|
|
Total Estimated Net Effect on Other State Funds |
$0 |
$0 |
$0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
ESTIMATED NET EFFECT ON FEDERAL FUNDS |
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FUND AFFECTED |
FY 2009 |
FY 2010 |
FY 2011 |
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|
|
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|
|
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Total Estimated Net Effect on All Federal Funds |
$0 |
$0 |
$0 |
ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE) |
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FUND AFFECTED |
FY 2009 |
FY 2010 |
FY 2011 |
|
|
|
|
|
|
|
|
Total Estimated Net Effect on FTE |
0 |
0 |
0 |
☒ 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).
ESTIMATED NET EFFECT ON LOCAL FUNDS |
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FUND AFFECTED |
FY 2009 |
FY 2010 |
FY 2011 |
Local Government |
Unknown |
Unknown |
Unknown |
FISCAL ANALYSIS
ASSUMPTION
Officials from the Coordinating Board of Higher Education, Department of Elementary and Secondary Education, Department of Revenue and State Treasurer's Office assume no fiscal impact to their agency.
Officials from the State Auditor's Office (SAU) assume in FY07 the SAU registered 155 bonds. The number of bonds varies each year, but usually stays within the 150 - 200 per year range. The SAU spends approximately 5 hours to register each bond. In FY07, that generated $1,020,782 in registration fee revenue, based upon the current statutory fee of ten cents per each one hundred dollars of the face value of the bond. Based upon the proposal, the registration fee revenue would drop to $38,750. Based upon these calculations the proposal will decrease General Revenue by approximately $982,032 each year in registration fees.
FISCAL IMPACT - State Government |
FY 2009 (10 Mo.) |
FY 2010 |
FY 2011 |
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|
|
|
GENERAL REVENUE |
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|
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Cost - State Auditor's Office |
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Registration Fees |
($0 to $982,032) |
($0 to $982,032) |
($0 to $982,032) |
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|
|
|
ESTIMATED NET EFFECT ON GENERAL REVENUE |
($0 to $982,032) |
($0 to $982,032) |
($0 to $982,032) |
|
|
|
|
FISCAL IMPACT - Local Government |
FY 2009 (10 Mo.) |
FY 2010 |
FY 2011 |
|
|
|
|
Savings - Local Government |
Unknown |
Unknown |
Unknown |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
FISCAL DESCRIPTION
The proposed legislation changes the fee for the State Auditor to register bonds.
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
Coordinating Board for Higher Education
Department of Elementary and Secondary Education
Department of Revenue
State Auditor's Office
State Treasurer's Office
Mickey Wilson, CPA
Director
January 29, 2008