OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http: //www. cga. ct. gov/ofa

May 15, 2009

CORRECTION

To Fiscal Note on LCO No. 7248

sHB-6510, File No. 483

AN ACT ESTABLISHING A PUBLIC POWER AUTHORITY.

The fiscal note on LCO 7248 indicated that the amendment would result in no fiscal impact to the state. However the fiscal note should have indicated a potential significant General Fund revenue loss beginning in FY 11. Current law states that a maximum of $5 million of earnings in excess of the revenue collected from the petroleum products gross earnings in FY 06 will be deposited in the Fuel Oil Conservation Board account. Section 502(b) of the amendment includes a cap of $5 million for FY 10 only, for funds that would be diverted to the Fuel Oil Conservation Board account from the petroleum products gross earnings. Therefore this could result in a significant loss of revenue to the General Fund in FY 11 and future years.