OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sHB-6467
AN ACT CONCERNING THE SMALL BUSINESS EXPRESS
PROGRAM.
Primary Analyst: EMG 4/6/21
Contributing Analyst(s):
Reviewer: MM
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 22 $ FY 23 $
Treasurer, Debt Serv. GF - Potential
Cost
See Below See Below
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill makes several changes to the Small Business Express
program that could result in increased or more rapid use of funds
authorized for the Small Business Express program. The program is
funded through a combination of General Obligation (GO) bond funds
and revenues from repayment of loans previously issued under the
program. Future General Fund debt service costs may be incurred
sooner under the bill to the degree that it causes authorized GO bond
funds to be expended or to be expended more rapidly than they
otherwise would have been.
As of March 1, 2021, the unallocated bond balance available under
the relevant authorizations is $12.8 million. The bill does not change
GO bond authorizations relevant to the program.
Background
The Governor's proposed bond bill (GB 887) includes $25 million of
new GO bond authorizations in each of FY 22 and FY 23 for the Small
Business Express program. The impact of the proposed change in 2021HB-06467-R000303-FN.DOCX Page 2 of 2
authorization in GB 887 will be discussed in the relevant bill's fiscal
note, if applicable.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject to inflation and the terms of any bonds
issued.