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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


Last Revised: 30 August, 2000

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