OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sHB-5495

AN ACT REMOVING THE SUNSET DATE FOR THE FORECLOSURE MEDIATION PROGRAM.


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 19 $

FY 20 $

Judicial Dept.

BF - Cost

None

Potential Minimal

Note: BF=Banking Fund

Municipal Impact: None

Explanation

The bill removes the sunset provision of the Foreclosure Mediation Program and makes the program permanent. While the program is scheduled to end in FY 19, there is a minimal fiscal impact in FY 20 as it is anticipated that the program will continue to incur costs while finishing mediations that began in FY 19.

PA 17-2 JSS, the FY 18 & 19 Biennial Budget, appropriated funding of $3,610,565 and 20 positions for each fiscal year.

The Out Years

State Impact:

Agency Affected

Fund-Effect

FY 21 $

FY 22 $

FY 23 $

Judicial Dept.

BF - Cost

3.6 million

3.6 million

3.6 million

Note: BF=Banking Fund

Municipal Impact: None

The bill results in a cost in FY 21 and the out years subject to the number of cases and necessary staffing levels.