COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1147-01
Bill No.: Truly Agreed to and Finally Passed SB 388
Subject: Agriculture and Animals; Agriculture Dept.; Banks and Financial Institutions
Type: Original
Date: May 19, 2003
FISCAL SUMMARY
FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials with the Department of Agriculture assume this proposal will have a positive impact on the ability of livestock producers to obtain financing on animal facilities. The guarantee amount is doubled and reserve amount is cut in half so the net impact is zero.
Officials with the Office of Administration, Division of Accounting and Division of Budget and Planning assume this proposal will have no fiscal impact on their agency.
Officials with the Department of Economic Development assume this proposal will have no fiscal impact on their agency.
FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
$0 | $0 | $0 | |
FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
$0 | $0 | $0 |
FISCAL IMPACT - Small Business
Small business (agriculture producers) will benefit from being able to obtain a higher guarantee percentage.
DESCRIPTION
This act increases the amount to eligible borrowers that can be guaranteed from the Single
Purpose Animal Facilities Loan Guarantee Fund from 25% to 50% of the amount borrowed with
a limit of $250,000. This act decreases the amount to total outstanding guaranteed loans for
immediate redemption of 20% of the outstanding loans at any one time. This is decreased from
40%.
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
Department of Agriculture
Office of Administration - Accounting
Department of Economic Development - Finance
Division of Budget and Planning
Mickey Wilson, CPA
Director
May 19, 2003