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)