COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 3931-01
Bill No.: SB 1093
Subject: Political Subdivisions: Finances, Investments
Type: Original
Date: January 31, 2004
FISCAL SUMMARY
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| 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 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials of the Office of State Treasurer assumes no fiscal impact.
Officials of Linn State Technical College assume no fiscal impact.
Officials of the Parkway School District assume no fiscal impact.
Officials of the Jasper and Jefferson County Commission assume no fiscal impact.
| FISCAL IMPACT - State Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This act allows the Treasurer of public entities to invest funds that are not immediately needed
for their intended use. For such investments, certain conditions must be met, which include
placing the funds in a banking institution, the banking institution must arrange for the deposit of
the funds in certificates of deposit, each certificate of deposit must be insured by the FDIC, the
banking institution must act as custodian for the public entity with respect to the certificate of
deposit, and the banking institution must receive an equal amount of deposits from customers of
other banking institutions to that of the public funds initially placed by the public entity.
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 State Treasurer
Parkway School District
Jasper County Commission
Linn State Technical College
Jefferson County Commission
NOT RESPONDING
Oversight sent all political subdivisions that are on our respondents list a request for fiscal impact. Only those listed above responded.
Mickey Wilson, CPA
Director
January 31, 2004