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Fiscal NoteHCR009 2020 General Session Concurrent Resolution Authorizing State Pick up of Public Safety and Firefighter Employee Retirement Contributions - As Amended by Perry, L |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/EF/USF (rev.-exp.) | $0 | $(2,141,000) | $(2,141,000) |
| Revenues | FY 2020 | FY 2021 | FY 2022 |
| New Account Created By Bill (FN Only) | $0 | $2,141,000 | $0 |
| Total Revenues | $0 | $2,141,000 | $0 |
Enactment of this legislation would require a one-time deposit of $2,141,000 in FY 2021 from the General Fund to the new New Public Safety and Firefighter Tier II Retirement Benefits Restricted Account created in Senate Bill 56, 2020 General Session.
| Expenditures | FY 2020 | FY 2021 | FY 2022 |
| General Fund, One-time | $0 | $2,141,000 | $0 |
| Restricted Accounts (FN Only) | $0 | $2,141,000 | $2,141,000 |
| Total Expenditures | $0 | $4,282,000 | $2,141,000 |
Enactment of this resolution may cost $2.141 million annually from the New Public Safety and Firefighter Tier II Retirement Benefits Restricted Account beginning in FY 2021. The resolution would require a $2.141 million transfer from the General Fund to the new account one-time in FY 2021 after which time costs will be financed by future insurance premium tax revenue growth.
| FY 2020 | FY 2021 | FY 2022 | |
| Net All Funds (rev-exp) | $0 | $(2,141,000) | $(2,141,000) |
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Enactment of this legislation likely will not result in direct expenditures from tax or fee changes for Utah residents and businesses.
No performance note required for this bill