| Date Requested:January 19, 2012 Time Requested:03:40 PM |
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| FUND(S) State Funds | |||
|---|---|---|---|
Sources of Revenue | |||
| General Fund | |||
Legislation creates:
A New Program | |||
Effect this measure will have on costs and revenues of state government.
| The Prompt Pay Act was on the books for a 16 year period from 1992 through 2007. The total paid out to companies during this period was $40,540. By calculating a simple average per year, ($40,540. divided by 16 years) the estimate cost to be paid out to companies per year would be $2,534. We also estimated that the clerical cost for perfoming this function would be approximately 2 hours per each application. During the 16 year period a total of 171 applications were received by the Auditor's office which is an average of 10.69 applications per year. 10.69 applications times 2 hours per application results in 21.38 hours of clerical time per year at a cost of $36.55 per hour, this would account for $782 in clerical or personal services costs. The total cost would be $2,534 plus $782 or a total of $3,316 per year. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2012 Increase/Decrease (use"-") |
2013 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 0 | 3,316 | 3,316 |
| Personal Services | 0 | 782 | 782 |
| Current Expenses | 0 | 0 | 0 |
| Repairs and Alterations | 0 | 0 | 0 |
| Assets | 0 | 0 | 0 |
| Other | 0 | 2,534 | 2,534 |
| 2. Estimated Total Revenues | 0 | 0 | 0 |
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3. Explanation of above estimates (including long-range effect):
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