Fiscal Notes for SB0092




		Fiscal Note SB0092 - Public Safety Retirement Amendments

State Impact:
This bill will require an increase in the State and local government public safety retirement rates. The State rate will increase 2.2 percent, requiring an appropriation of $1,764,500. The rate increase will vary between local governmental entities, ranging from 1.56 percent to 2.98 percent. The rate for Salt Lake City will icnrease 2.93 percent; Provo City's rate will increase by 2.11 percent. The impact on local government could be over $1.6 million.

Funding Source	FY 02 Approp.	FY 03 Approp.	FY 02 Revenue	FY 03 Revenue
General Fund	$1,481,800	$1,481,800	$0	$0
Federal Funds	$22,700	$22,700	$0	$0
Dedicated Credits Revenue	$154,800	$154,800	$0	$0
Transfers	$100	$100	$0	$0
Restricted Funds	$105,100	$105,100	$0	$0
TOTAL	$1,764,500	$1,764,500	$0	$0

Individual and Business Impact:
This bill increases the retirees' cost-of-living adjustment from a maximum of 2.5 percent to 4 percent. This could increase the amount received monthlyby retirees.

Office of the Legislative Fiscal Analyst
1/24/2001 3:07:10 PM

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Last Revised: 30 August, 2000