Business entities-registered agents.

08LSO-0025.C1

                                                         

FISCAL NOTE

 

This bill contains an appropriation of $440,000 from the GENERAL FUND to the Secretary of State.  This appropriation is effective immediately.

 

This bill contains an authorization of 1 Full-Time position and 1 AWEC position.

 

Discussion of appropriation and positions:

 

Of the above appropriation, $250,000 is appropriated to fund a one-time expense to create new modules to the Wyoming Business Entity & Annual Report Program (WyoBEAR). This appropriation shall not be included in the Secretary of State's 2011-12 standard budget request.

 

Of the above appropriation, $70,000 is appropriated to fund a one-time expense for one AWEC position for technology assistance during the module creation and deployment. This appropriation shall not be included in the Secretary of State's 2011-12 standard budget request.

 

Of the above appropriation, $120,000 is appropriated to fund a one full-time auditor position (FS03) to enforce statutory changes. This appropriation and position shall be included in the Secretary of State's 2011-12 standard budget request.

 

The fiscal impact, in the form of a revenue decrease, is indeterminable. It is likely that business entity filings will decrease due to the fact that fewer shell and shelf corporations will likely be filed. However, prior to implementation it is impossible to know the significance of the decrease.

 

Prepared by:   Dean Temte, LSO    Phone: 777-7881

(Information provided by Pat Arp, SOS; 777-5333)

 

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:

Secretary of State