OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

HB-5589

AN ACT CONCERNING CAMPAIGN FINANCE REFORM.

AMENDMENT

LCO No.: 8794

File Copy No.: 806

House Calendar No.: 379

Senate Calendar No.: 549


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 18 $

FY 19 $

Resources of the General Fund

GF - Revenue Gain

Approximately 23,200,000

Approximately 11,500,000

State Elections Enforcement Commission

Citizens' Election Fund - Transfer to GF

Approximately 23,200,000

None

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment eliminates the Citizens' Election Program (CEP) and transfers the funds from the Citizens' Election Fund (CEF) to the General Fund (GF). The amendment is anticipated to result in significant transfers to and savings for, the General Fund.

The current CEF balance is approximately $11.7 million. In FY 18 escheats deposits of approximately $11.5 million are anticipated; resulting in an FY 18 CEF balance of approximately $23.2 million. Under the amendment these funds are transferred from the CEF to the General Fund in FY 18.

In FY 19, the CEF is anticipated to receive approximately $11.5 million in escheat deposits. These funds are anticipated to be deposited in the General Fund in FY 19 in accordance with the provisions of the amendment. Similar deposits will continue annually subject to adjustments for changes in the Consumer Price Index.

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.

Sources:

State Elections Enforcement Commission