COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.:2427S.01I Bill No.:SB 627 Subject:Banks and Financial Institutions; Higher Education; State Treasurer Type:Original Date:March 21, 2025Bill Summary:This proposal requires the University of Missouri to enter into an agreement
with the State Treasurer to establish a separate custodial account for moneys
in the University's Seminary Fund.
FISCAL SUMMARY
ESTIMATED NET EFFECT ON GENERAL REVENUE FUNDFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on General
Revenue $0$0$0
ESTIMATED NET EFFECT ON OTHER STATE FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on Other State
Funds* $0$0$0 L.R. No. 2427S.01I
Bill No. SB 627
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March 21, 2025
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ESTIMATED NET EFFECT ON FEDERAL FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on All Federal
Funds $0$0$0
ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE)FUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on FTE 000
☐ Estimated Net Effect (expenditures or reduced revenues) expected to exceed $250,000 in any
of the three fiscal years after implementation of the act or at full implementation of the act.
☐ Estimated Net Effect (savings or increased revenues) expected to exceed $250,000 in any of
the three fiscal years after implementation of the act or at full implementation of the act.
ESTIMATED NET EFFECT ON LOCAL FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Local Government$0$0$0 L.R. No. 2427S.01I
Bill No. SB 627
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March 21, 2025
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FISCAL ANALYSIS
ASSUMPTION
Section 172.640 – State University Seminary Fund
Officials from the University of Missouri (UM) assume this would have a positive impact on
the university. It would simplify the process for handling the seminary fund.
Upon further inquiry, UM stated the current operational process for investing and withdrawing
the funds involves an unduly cumbersome and time-consuming multi-step process involving
several departments on the part of both the University and the Treasurer, all to administer a
relatively small amount of money in the context of the overall finances of the State and the
University. The real savings come in time savings from a more efficient process and the
reduction in possible mistakes from staff turnover in either office. This fund will last forever, so
any improvements will be beneficial for the long term.
Furthermore, they stated this does not impact the size of their staff. The improvement is to
simplify the process between their office and the Missouri Treasurer’s office. The MO
Treasurer’s office will no longer have to purchase the bonds and custody the investments on their
behalf. UM will handle that in their office, and they are already equipped to do this.
Oversight does not have any information to the contrary. Therefore, Oversight will reflect a zero
impact in the fiscal note for this agency.
Officials from the Office of Attorney General (AGO)
arising from this proposal can be absorbed with existing resources. The AGO may seek
additional appropriations if the proposal results in a significant increase in litigation or
investigation costs.
Oversight does not have any information to the contrary. Therefore, Oversight assumes the
AGO will be able to perform any additional duties required by this proposal with current staff
and resources and will reflect no fiscal impact to the AGO for fiscal note purposes.
Officials from the Department of Higher Education and Workforce Development, and Office
of the State Treasurer both assume the proposal will have no fiscal impact on their respective
organizations. L.R. No. 2427S.01I
Bill No. SB 627
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March 21, 2025
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FISCAL IMPACT – State GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028$0$0$0FISCAL IMPACT – Local GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028$0$0$0
FISCAL IMPACT – Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
FISCAL DESCRIPTION
The proposed legislation appears to have no direct fiscal impact.
This legislation is not federally mandated, would not duplicate any other program and would not
require additional capital improvements or rental space.
SOURCES OF INFORMATION
Attorney General’s Office
Department of Higher Education and Workforce Development
Office of the State Treasurer
University of Missouri
Julie MorffJessica HarrisDirectorAssistant DirectorMarch 21, 2025March 21, 2025