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.
As Amended by House "A" (LCO 10073)
House Calendar No.: 235
Senate Calendar No.: 570
Primary Analyst: EW 6/8/21
Contributing Analyst(s): EMG
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 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.
The bill also makes modifications to reporting requirements of the
Department of Economic and Community Development which have
no fiscal impact.
Background: As of May 1, 2021, the unallocated bond balance
available under the relevant authorizations is $9 million. The bill does 2021HB-06467-R01-FN.DOCX Page 2 of 2
not change GO bond authorizations relevant to the program.
sSB 887, the FY 22 and FY 23 Bond Bill, as favorably reported by the
Finance, Revenue and Bonding Committee, authorizes $50 million of
General Obligation bonds (as $25 million in each of FY 22 and FY 23)
for the Small Business Express program.
House "A" strikes the underlying bill and its associated fiscal impact
and results in the impact described above.
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.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly,
solely for the purposes of information, summarization and explanation and does not represent the intent of the
General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety
of informational sources, including the analyst’s professional knowledge. Whenever applicable, agency data is
consulted as part of the analysis, however final products do not necessarily reflect an assessment from any
specific department.