Wyoming older Americans' trust fund.

03LSO-0204.L2

FISCAL NOTE (HB0105)

This bill contains an appropriation of $5,000,000 from the BUDGET RESERVE ACCOUNT to the Wyoming Older American’s Trust Fund within the Trust and Agency Fund.

	FY 2004	FY 2005	FY 2006
NON-ADMINISTRATIVE IMPACT
Anticipated Revenue Increase:
OLDER AMER TRUST FUND	0	12,000	13,000
OLDER AMER TRUST INCOME	0	250,000	250,600

Source of Revenue Increase:  Interest earned on $5 million appropriated from the Budget Reserve Account.  Interest earned up to 5 percent on the corpus of the proposed trust fund is credited to a separate account.  Any interest earned in excess of 5 percent is deposited into the proposed trust fund.

Assumptions: Assumes interest earned on the account is estimated to be 5.25 percent. Assumes that interest from the appropriation deposited in the fund will not accrue until FY05.  Revenue generated from contributions, grants, gifts, bequests, and other donations is indeterminable. 

	FY 2004	FY 2005	FY 2006
NON-ADMINISTRATIVE IMPACT
Anticipated Expenditure Increase:
OLDER AMER TRUST INCOME	0	250,000	250,600

Source of Expenditure Increase: Grants awarded to senior centers throughout the state from the interest earned on the trust fund.

Assumptions: Assumes the board will distribute grants to senior centers totaling the full amount of interest collected each year that has been deposited into the separate account.  The board will award 85 percent of the funds available to senior centers and the remaining 15 percent will be distributed by the board to meet emergencies or for approved projects. 

This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements.  As introduced, the bill does not modify any state agency budget or current personnel authorizations.  The following state agencies may be affected administratively:

Department of Health

Prepared by:     Wendy Madsen, LSO            Phone:  777-7881

(Information provided by: Glenn Shaffer, State Treasurer’s Office, 777-7408 and Laura Hudspeth, Department of Health, 777-6997)