Fiscal Note - SB 0242 - Establishes the Wolfner Library Trust fund
L.R. NO. 1027-01
BILL NO. Truly Agreed To And Finally Passed SB 242
SUBJECT: Libraries and Archives
TYPE: Original
DATE: May 2, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
General Revenue ($28,002) ($30,008) ($32,125)
Wolfner Library
Trust $28,002 $30,008 $32,125
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials from the Office of the Secretary of State (SOS) assume the proposed
legislation would result in a loss of revenue to the General Revenue Fund,
with a corresponding increase to the Wolfner Library Trust Fund, resulting in
a net fiscal impact of $0 on state funds. The Wolfner Library for the Blind
and Physically Handicapped has had a trust fund since 1978, which has been
deposited in the state treasury as a "state institution gift trust fund".
Although the Wolfner Trust Fund has had a specific account number, it has had
no specific statutory recognition. The proposed bill would provide statutory
recognition, as well as allow the crediting of interest earned by the fund,
to the fund.
The interest to be transferred to the Wolfner Library Trust Fund was
calculated based on a beginning balance of $532,885 on July 1, 1997, after
revenues were deposited to the account. Revenues were calculated based on
the previous three and one year average additions to the fund ($11,553).
Revenues are received quarterly and deposited to the fund. The interest rate
used was 5%, which was taken from "Economic Indicators" as published by
Government Printing Office and is the average rate for calendar year on three
month treasury bills. Projections were that the corpus would earn interest
at a rate of 5%, compounded monthly.
Officials from the Department of Revenue (DOR) and the Office of the State
Treasurer (STO) assume the proposed legislation would have no fiscal impact
on their agencies.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
GENERAL REVENUE FUND
Loss-Office of the Secretary of State (SOS)
Interest from Trust Fund ($28,002) ($30,008) ($32,125)
ESTIMATED NET EFFECT TO
GENERAL REVENUE FUND ($28,002) ($30,008) ($32,125)
WOLFNER LIBRARY TRUST FUND
Income- SOS
Interest from Wolfner Library Trust Fund $28,002 $30,008 $32,125
ESTIMATED NET EFFECT TO
WOLFNER LIBRARY TRUST FUND $28,002 $30,008 $32,125
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of
this proposal.
DESCRIPTION
The proposed legislation would establish the Wolfner Library Trust Fund in
the state treasury, which would consist of all moneys received from federal
grants, contracts, gifts, bequests or other funds contributed to the Library
for the Blind and Physically Handicapped. All interest resulting from the
investment of moneys in the Wolfner Library Trust Fund would be credited to
that fund.
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Office of the Secretary of State
Department of Revenue
Office of the State Treasurer
This Fiscal Note is not an official copy and should not be quoted or cited.