Fiscal Note - State of Utah - 2012 General Session
HB0056S01 - Condominium Amendments
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill is expected to generate $151,800 annually in fee revenue to the newly established Condominium Fund. Annual expenditure, including mediation costs, are estimated at $141,600 from the Condominium Fund.
| State Budget Detail Table | FY 2012 | FY 2013 | FY 2014 |
| Revenue: | |||
| Restricted Funds | $0 | $151,800 | $151,800 |
| Total Revenue | $0 | $151,800 | $151,800 |
| Expenditure: | |||
| Restricted Funds | $0 | $141,600 | $141,600 |
| Total Expenditure | $0 | $141,600 | $141,600 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | $10,200 | $10,200 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $0 | $0 |
Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill likely will not result in direct, measurable costs for local governments.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Condominium associations and therefore presumably individual condominium owners would be required to pay $2.00 per condominium per year for a cumulative cost of $150,000. Individual seeking mediation would pay a $35 processing fee for a cumulative cost of $1,800 annually.
| 2/29/2012, 12:05:03 PM, Lead Analyst: Wilko, A./Attny: RHR | Office of the Legislative Fiscal Analyst |