OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-494

AN ACT MAKING ADJUSTMENTS TO STATE EXPENDITURES FOR THE FISCAL YEAR ENDING JUNE 30, 2011.

AMENDMENT

LCO No.: 5717

OFA Fiscal Note

State Impact: See Below

Municipal Impact: See Below

Explanation

The amendment makes various technical changes intended to properly implement the budget. It also makes various changes identified below:

● reduces the State Employee Retirement Contribution account by $1.1 million with a corresponding increase to SDE's Magnet School account. Funding is provided for the purpose of reimbursing the Connecticut Regional Education Council (CREC) for magnet school transportation costs.

● clarifies that the reduction in the transfer from the General Fund to the Transportation Fund is for FY 11 only.

● delays the Contracting Standards Board until FY 12. The savings associated with delaying the hiring of the support staff is in the underlying bill.

● clarifies that up to $140.0 million in unappropriated surplus from FY 10 will be credited to the resources of the General Fund in FY 11 and transfers from FY 10 to FY 11 any unappropriated General Fund surplus in excess of $140.0 million to reduce the amount of ERRBs1 issued under the provisions of Sections 128-137 of the underlying bill.

● makes various technical changes to General Obligation bond authorization language that has no fiscal impact because it does not authorize additional bonds.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.

1 Economic Recovery Revenue Bonds