| Date Requested:February 25, 2013 Time Requested:02:36 PM |
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| FUND(S) Road Fund | |||
|---|---|---|---|
Sources of Revenue | |||
| Special Fund | |||
Legislation creates:
Neither Program nor Fund | |||
Effect this measure will have on costs and revenues of state government.
| The purpose of this bill is to authorize a special “In God We Trust” registration plate. This bill establishes a one time fee of $10.00 to cover the cost of issuance of the plate and an annual fee of $15.00 for each plate. These fees are in addition to the regular annual registration fee.
In accordance with other provisions of 17A-3-14, there must be at least 250 registrants prior to the Division of Motor Vehicles Starting production of the “In God We Trust” plate. The Division has been paying $8.50 for special plates, plus $5.00 for administration cost. Total cost to issue this special plate is $13.50 per plate, or $3,375. Revenues generated from this plate, based on the minimum number of 250 registrations, will be $6,250 the first year, and $3,750 in subsequent years. All revenues generated by this bill will be deposited to the State Road Fund. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2013 Increase/Decrease (use"-") |
2014 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 3,375 | 3,375 | 3,375 |
| Personal Services | 0 | 0 | 0 |
| Current Expenses | 1,250 | 1,250 | 1,250 |
| Repairs and Alterations | 0 | 0 | 0 |
| Assets | 0 | 0 | 0 |
| Other | 2,125 | 2,125 | 2,125 |
| 2. Estimated Total Revenues | 6,250 | 6,250 | 3,750 |
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3. Explanation of above estimates (including long-range effect):
Cost to issue the plate
Plate Cost $ 8.50 Administrative Cost $ 5.00 Total Cost Per Plate $ 13.50 Number of Plates 250 Total Cost $ 3,375 Revenue One Time Fee $ 10 Annual Fee $ 15 Number of Plates 250 First Year Revenue $ 6,250 Second Year Revenue $ 3,750 |