OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

HB-6704

AN ACT CONCERNING EXPENDITURES AND REVENUE FOR THE BIENNIUM ENDING JUNE 30, 2015.

AMENDMENT

LCO No.: 8690

House Calendar No.: 678

Senate Calendar No.: 692


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 14 $

FY 15 $

Teachers' Retirement Bd.

GF - Cost

10,119,790

11,552,790

Various State Agencies

GF - Savings

(12,000,000)

(15,000,000)

Net Impact

GF - Saving

(1,880210)

(3,447,210)

Municipal Impact: None

Explanation

The amendment increases the amount appropriated to the Teachers' Retirement Board health insurance accounts by a total of $10.1 million in FY 14 and $11.5 in FY 15. The retiree health service cost account is increased by $8.3 million in FY 14 and $9.7 million in FY 15. The municipal retiree health insurance cost account is increased by $1.8 million in both FY 14 and FY 15. The increase results in a total state appropriation of 33% of the program cost.

The amendment also increases the statewide hiring reduction for the executive branch by $12 million in FY 14 and $15 million in FY 15.

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.