OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sHB-5564

AN ACT ENCOURAGING INCREASED SAVINGS DEPOSITS.

As Amended by House "A" (LCO 5673)

House Calendar No.: 189


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 14 $

FY 15 $

Banking Dept.

BF - Cost

7,500

2,000

Municipal Impact: None

Explanation

The bill results in a cost to the Department of Banking of $7,500 in FY 14 and $2,000 in FY 15. The cost in FY 14 is due to the need for software to monitor savings promotion raffles ($5,500) along with the cost for published material regarding the regulation of such raffles ($2,000). The publication cost would continue in FY 15 and each year thereafter.

House “A” (LCO 5673) makes technical changes and results in no fiscal impact.

The Out Years

The annualized ongoing fiscal impact identified above would continue into the future subject to inflation.