OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sSB-384
AN ACT IMPLEMENTING THE TREASURER'S
RECOMMENDATIONS CONCERNING THE CONNECTICUT BABY
BOND TRUST PROGRAM.
Primary Analyst: EMG 4/22/22
Contributing Analyst(s):
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 23 $ FY 24 $
Resources of the General Fund GF - Precludes
Revenue Gain
See Below See Below
Treasurer, Debt Serv. GF - Potential
Cost
See Below See Below
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill increases FY 23 General Obligation (GO) bond authorizations
by $50 million and eliminates the FY 34 authorization for the program
of $50 million. The bill also alters technical and administrative aspects
of 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 available, expended, or to be expended more rapidly than
they otherwise would have been.
The bill also exempts disbursements from the fund from state and
local taxes, which precludes a potential revenue gain to the state
beginning in FY 40.
The Out Years
The annualized ongoing fiscal impact identified above would 2022SB-00384-R000615-FN.DOCX Page 2 of 2
continue into the future subject to the terms of any bonds issued.