OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sSB-1235
AN ACT IMPLEMENTING THE TREASURER'S
RECOMMENDATIONS CONCERNING THE INVESTMENT
ADVISORY COUNCIL AND RELATED STATUTES AND
CONCERNING THE BABY BOND TRUST PROGRAM.
Primary Analyst: EMG 5/3/23
Contributing Analyst(s): CW
Reviewer: CW
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 24 $ FY 25 $ Out Years $
Treasurer Various - See
Below
See Below See Below See Below
Resources of the
General Fund
GF - Precludes
Revenue Gain
None None See Below
Treasurer, Debt
Serv.
GF - Potential
Cost
None See Below See Below
Note: GF=General Fund; Various=Various
Municipal Impact: None
Explanation
Sections 1-3 authorize the State Treasurer to set compensation levels
for investment officers and other personnel involved with the chief
investment officer, which has no fiscal impact to appropriated funds.
To the extent future investment personnel are hired at compensation
levels different from those currently allowed, various investment funds
overseen by the State Treasurer would be subject to potential changes to
personnel costs.
Sections 4-10 alter technical and administrative aspects of the Baby
Bonds 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 2023SB-01235-R000705-FN.DOCX Page 2 of 2
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 42.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject to future hiring decisions and the terms
of any bonds issued.