Appropriation to Wyoming business   council.

              14LSO-0337.L2

 

 

                                                         

FISCAL NOTE

 

This bill contains an appropriation of $24,400,000 from the GENERAL FUND to the Business Ready Community Account.  This appropriation is effective immediately.

 

DETAIL OF APPROPRIATION

Agency #:  085     Agency Name:  Wyoming Business Council

Unit:  1610-Business Ready Communities

 

EXPENDITURE BY SERIES AND YEAR       FY 2014         FY 2015         FY 2016

0871  Loans                                         $12,200,000      $12,200,000

 

Total Expenditure Per Year:                          $12,200,000      $12,200,000

 

Grand Total Expenditure:           $24,400,000

Total Appropriated to Agency:      $24,400,000

 

Total Appropriated by Fund

              General Fund        $24,400,000

 

Description of Appropriation

Funds will be expended as a loan for an economic development project as specified in the proposed legislation.  Loan will be used for construction costs incurred over a 2 year period.

 

 

 

FY 2015

FY 2016

FY 2017

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue Increase:

 

 

 

GENERAL FUND             

0

0

$427,000

 

Source of revenue increase

Interest income on loan principal of $24.4 million to be deposited back to the Business Ready Community Account.

 

Assumptions:

Assumed that loan drawdowns by the recipient would occur through FY 2016; interest only payments of 1.75%, which is a net of a 0.25% servicing fee, would occur in FY 2017 and FY 2018; principal and interest payments would then continue for 20 years thereafter until loan is repaid.

 

 

 

 

 

Prepared by:   Kelley Shepp, LSO     Phone: 307-777-7881

(Information provided by: Diane Joyce, Wyoming Business Council  Phone: 307-777-2848)