Page 1 of 1 LRC 2023-BR1266-HB553
COMMONWEALTH OF KENTUCKY FISCAL NOTE STATEMENT
LEGISLATIVE RESEARCH COMMISSION
2023 REGULAR SESSION
MEASURE
2023 BR NUMBER 1266 HOUSE BILL NUMBER 553
TITLE AN ACT amending the 2022-2024 Executive Branch biennial budget, making an appropriation
therefor, and declaring an emergency.
SPONSOR Representative Jason Petrie
FISCAL SUMMARY
STATE FISCAL IMPACT: YES NO UNCERTAIN
OTHER FISCAL STATEMENT (S) THAT MAY APPLY: ACTUARIAL ANALYSIS
LOCAL MANDATE CORRECTIONS IMPACT HEALTH BENEFIT MANDATE
APPROPRIATION UNIT(S) IMPACTED: Teachers' Retirement System
FUND(S) IMPACTED: GENERAL ROAD FEDERAL RESTRICTED
FISCAL ESTIMATES 2022-2023 2023-2024 ANNUAL IMPACT AT
FULL IMPLEMENTATION
REVENUES
EXPENDITURES ($39,325,100) ($39,325,100)
NET EFFECT $39,325,100 $39,325,100
( ) indicates a decrease/negative
PURPOSE OF MEASURE: The measure amends the Executive Branch budget to reduce
General Fund appropriations to the Teachers’ Retirement System (TRS) by $39.3 million in each
fiscal year for sick leave benefits for retirees.
FISCAL EXPLANATION : This measure would provide a net savings to the General Fund of
$39.3 million in each fiscal year. Per TRS, the budget bill line item to support sick leave benefits
is not needed because those benefits were funded through the actuarially determined employer
contribution in the Executive Branch budget bill.
DATA SOURCE(S): Teachers' Retirement System
PREPARER: Seth Dawson NOTE NUMBER: 53 REVIEW: JAB DATE: 2/27/2023