Fiscal Note - State of Utah - 2011 General Session
SB0100S02 - Securities Fraud Reporting Program Act
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill could result in additional fines collected. Assuming an increase of 25 percent from new reported investigations and fines, the Department would collect an additional $600,000. The annual net revenue to the State would be $420,000 after the 30% award. However, with the limit on the Securities Investor Education, Training, and Enforcement Fund balance increased to $500,000, the General Fund would experience a one-time loss of up to $400,000.
State Budget Detail Table | FY 2011 | FY 2012 | FY 2013 |
Revenue: | |||
General Fund | $0 | $420,000 | $420,000 |
General Fund, One-Time | $0 | ($400,000) | $0 |
Restricted Funds | $0 | $180,000 | $180,000 |
Total Revenue | $0 | $200,000 | $600,000 |
Expenditure: | |||
Restricted Funds | $0 | $180,000 | $180,000 |
Total Expenditure | $0 | $180,000 | $180,000 |
Net Impact, All Funds (Rev.-Exp.) | $0 | $20,000 | $420,000 |
Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $20,000 | $420,000 |
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)):
To the extent that this legislation encourages more reporting of information, affected businesses would be required to pay the fines and sanctions. Employees who report violations under this act would be eligible to receive up to 30% of the fines subsequently collected.
2/23/2011, 8:12:02 AM, Lead Analyst: Pratt, S./Attny: PO | Office of the Legislative Fiscal Analyst |