Senior citizens' trust fund.

05LSO-0016.L2

                                                         

FISCAL NOTE

 

This bill contains an appropriation of $30,000,000 from the BUDGET RESERVE ACCOUNT to the WYOMING SENIOR SERVICES TRUST FUND.

 

 

FY 2006

FY 2007

FY 2008

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue Increase:

 

 

 

SENIOR SERV. TRUST INCOME

1,137,000

1,149,000

1,158,000

Source of Revenue Increase: 

 

The revenue increase to the "Income Account" is a result of investment income from the $30,000,000 appropriation. 

 

Assumptions: 

 

All investment earnings up to five percent of the corpus of the Trust Fund would be deposited annually, by June 30, into a separate account.  The above assumes funds of the newly created Trust Fund are invested in the State Agency Pool, with an anticipated annual rate of 3.79 percent for FY06, 3.83 percent for FY07, and 3.86 percent for FY08.  It is further assumed that the interest will not be available for expenditure until after June 30th of each year.  Revenue generated from other contributions, grants, gifts, and donations to the Trust Fund cannot be predicted.

 

Anticipated Expenditure Increase:

 

 

 

SENIOR SERV. TRUST INCOME

0

1,137,000

1,149,000

Source of Expenditure Increase: 

 

Disbursement of grants in accordance with W.S. 9-2-1214.

 

Assumptions: 

 

Assumes that all of the investment earnings from the prior fiscal year are disbursed.  It is further assumed that all of the funding will go to "eligible senior centers," and there is not clear provision for administrative costs.

 

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 will be asked to provide their estimate of the administrative fiscal impact prior to the first committee meeting held to consider the bill:

Department of Health

Department of Audit

 

Note:  On its own, this bill does not require additional personnel for the State Treasurer's Office; however, the State Treasurer's Office would like to note that they have already received multiple requests for fiscal notes for the establishment of new trust funds.  If legislation for the establishment of all of these trust funds were passed, the State Treasurer's Office may require additional staffing.

 

Prepared by:   Don Richards, LSO           Phone:   777-7881 

(Information provided by Sharon Garland, State Treasurer's Office, phone:  777-7475; Ruth Davis and Liz Vigil, WDH, phone:  777-6122, and Norm Bratton, Department of Audit, phone:  777-5459.)