Senior citizens' trust fund.

06LSO-0381.L1

                                                         

FISCAL NOTE

 

This bill contains an appropriation of $30,000,000 from the BUDGET RESERVE ACCOUNT.

 

 

FY 2007

FY 2008

FY 2009

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue Increase:

 

 

 

SENIOR SERV. TRUST INCOME

1,302,000

1,359,000

1,416,000

 

Source of Revenue Increase:

 

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

 

Assumptions: 

 

The above only incorporates the amount of investment interest that would be earned on the $30 million appropriation as the amount of contributions, grants, gifts, bequests and donations is indeterminable.  This trust fund would be invested as part of the State Agency Pool (using current authorization) and using the January 2006 CREG investment income projections and would earn investment income of 4.34% for FY07, 4.53% for FY08; and 4.72% for FY09.  It is further assumed that the interest will not be available for expenditure until after June 30th of each year.

 

Anticipated Expenditure Increase:

 

 

 

SENIOR SERV. TRUST INCOME

0

1,302,000

1,359,000

 

Source of Expenditure Increase:

 

Disbursement of grants in accordance with W.S. 9-2-1214, which is the statute that governs how the existing Wyoming Senior Services Board (WSSB) distributes appropriated funds to "eligible senior centers" for the purposes specified in W.S. 9-2-1212(a)(ii).

 

Assumptions:

 

Assumes 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.

 

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NOTICE-AGENCY ESTIMATE OF ADMINISTRATIVE IMPACT REQUESTED

 

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

 

 

 

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

(Information provided by Sharon Garland, State Treasurer's Office, phone:  777-7475; and Beverly J. Morrow, Department of Health, phone:  777-7986.)