OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-501

AN ACT ADJUSTING THE STATE BUDGET FOR THE BIENNIUM ENDING JUNE 30, 2017.

AMENDMENT

LCO No.: 6497

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 17 $

FY 18 $

Community Investment Act

GF; non-appropriated accounts - See Below

1,000,000

None

Citizen's Election Fund

CEF- See Below

See Below

See Below

Education, Dept.

GF - Cost

10,389,149

None

Note: GF=General Fund; Various=Various

Municipal Impact:

Municipalities

Effect

FY 17 $

FY 18 $

All Municipalities

Revenue Gain

10,389,149

None

Explanation

The amendment results in a revenue gain to municipalities of $10.4 million through increased ECS aid. This also results in a cost to the Department of Education of a like amount.

The amendment eliminates all grants for the 2016 election cycle from the Citizen's Election Program. These grants are estimated to total $12 million. The amendment also transfers the balance currently retained in the CEF and credits it to the resources of the General Fund, the balance is estimated to be $12 million. Finally the amendment deposits approximately $11.4 million in FY 17 in to the General Fund rather that the CEF.

The amendment also eliminates a $1 million transfer from the Community Investment Act to the resources of the General Fund. The balance is estimated to be $22.3 million.

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.