OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

HB-5483

AN ACT AUTHORIZING A STUDY OF THE CREATION OF A LAND BANK AUTHORITY.


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 19 $

FY 20 $

Policy & Mgmt., Off.

GF - Potential Cost

Approx. $100,000

None

Note: GF=General Fund

Municipal Impact: None

Explanation

The bill requires the Office of Policy and Management (OPM) to conduct a study regarding the creation of a land bank authority for abandoned, tax-delinquent properties.

As OPM does not currently have the expertise to perform this study, there is an estimated, one-time cost of approximately $100,000 to hire a consultant to assist with the study. It is anticipated that this cost would only occur in FY 19.

The Out Years

As the above identified fiscal impact is anticipated to occur only in FY 19, there is no fiscal impact in the out years.