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 TableFY 2013FY 2014FY 2015
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)
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: POOffice of the Legislative Fiscal Analyst