Fiscal Note - State of Utah - 2013 General Session
HB0319 - Division of Corporations and Commercial Code Reporting Requirements
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may decrease fee revenue to the Commmerce Service Fund by approximately $1,040,000 annually as businesses opt for a 5-year periodic report. Expenditures from the Commerce Service Fund may decrease by about $151,300 in FY 2014 and $166,300 per year beginning in FY�2015. Expenditure reductions consist of the approximately $171,300 in mailing costs offset by increased database expenses of $20,000 one-time in FY 2014 and $5,000 per year beginning in FY�2015. Commerce Service Fund revenue and spending changes affect annual transfers to the General Fund.
| State Budget Detail Table | FY 2013 | FY 2014 | FY 2015 |
| Revenue: | |||
| General Fund | $0 | ($873,700) | ($873,700) |
| General Fund, One-Time | $0 | ($15,000) | $0 |
| Commerce Service, One-time | $0 | $15,000 | $0 |
| Total Revenue | $0 | ($873,700) | ($873,700) |
| Expenditure: | |||
| Commerce Service Fund | $0 | ($166,300) | ($166,300) |
| Commerce Service, One-time | $0 | $15,000 | $0 |
| Total Expenditure | $0 | ($151,300) | ($166,300) |
| Net Impact, All Funds (Rev.-Exp.) | $0 | ($722,400) | ($707,400) |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | ($888,700) | ($873,700) |
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)):
Around 11,700 non-profits could save up to $10 per year and 179,600 corporations could save as much as $15 per year in report filing fees for a total cost decrease of an estimated $1,040,000 per year.
Performance Note Required? (Joint Rule 4-2-404): No
| 3/5/2013, 10:55:45 AM, Lead Analyst: King, Z./Attny: PO | Office of the Legislative Fiscal Analyst |