|Date Requested:March 16, 2009
Time Requested:03:54 PM
| FUND(S) |
Insurance Premium Tax Surcharges
Sources of Revenue
|Other Fund 2 funds within STO|
Legislation creates:A New Program,A New Fund
Effect this measure will have on costs and revenues of state government.
| The bill, if passed will affect revenues and expenditures of the state. The Insurance Commission provided or will provide a Fiscal Note pertaining to the revenues pertaining to the Insurance Surcharge Premium Taxes that will be increased.
This fiscal note provided by the State Treasurer's Office will only address those portions of the bill that will affect the Treasurer's Office. Those portions include the Volunteer Fire Department Decertification Account, the Fire Protection Fund, the Volunteer Fire Department Audit Account, and the Volunteer Firefighters Length of Service Awards Program Fund. New premium surcharges raised will be placed in the Voluteer Firefighters Length of Service Awards Program Fund to be distributed by the State Treasurer after being given a list of departments qualifying for the funds by the State Fire Marshal.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||100,000||100,000|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||100,000||100,000|
3. Explanation of above estimates (including long-range effect):
The Administration of the Voluteer Firefighters Length of Service Awards Program Fund will require coordination with the State Fire Marshal's Offce to ensure the number of departments certified to receive and implement a Length of Service Awards Programs (LOSAP) in fact receive those funds and properly account for the expenditure of the dollars.
The State Treasurer's Office staff working on this project will include legal staff time, management time and staff member time who will operate the program. Cost allocation of available dollars across the 4 people who will operate the program is paramount to implementing the best program possible for local Volunteer Fire Departments. The first year of operation will require a limited number of hours to write a computer program to assist with the calculations on a pro rata basis as required by the code. The remaining funds in Current Expense will be used to manage the nonpersonnel costs associated with the program each year.
|Someone will need to address the fiscal impact of the Municipal Pension Oversight Board, its members, and its staffing needs. Based upon how the bill is written, the State Treasurer's Office is not the entity with that responsibility.|