SB 167 – HB 440
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
March 13, 2025
Fiscal Analyst: Elizabeth Bransford | Email: elizabeth.bransford@capitol.tn.gov | Phone: 615-741-2564
SB 167 – HB 440
SUMMARY OF BILL: Requires the State Treasurer to enter into an agreement with an
eligible entity to execute covered activities to serve as the state mint and, upon completion of
covered activities, designating it as the state mint.
FISCAL IMPACT:
STATE GOVERNMENT
EXPENDITURES General Fund
FY25-26 > $1,731,900
FY26-27 & Subsequent Years > $1,364,400
Total Positions Required: 4
Assumptions:
• The proposed legislation defines the following terms:
o “Covered activity” means making capital improvements relating to the operation of
or access to a facility to produce bullion products in uniform shapes with unique
designs, and includes orders received from the state for the production and shipping
of bullion products to locations designated by the State Treasurer in a state
depository and other activities necessary to operate or maintain the facility of an
eligible entity;
o “Eligible entity” means an entity with: (1) previous or current contracts with the
United States (U.S.) government and other governmental entities to produce
coinage products in uniform shapes to be stamped by the respective governments
into official coin products; (2) a written comprehensive plan to build all facilities
necessary for operation of the state mint; and (3) U.S. domicile and ownership,
operating for over 50 years as a manufacturing facility with no less than 40 such
years manufacturing coinage products; and
o “State mint” means a facility that is designated by a contractual agreement between
an eligible entity with the State Treasurer to securely produce, store, process, and
ship bullion products for the state’s depository.
• According to the Department of the Treasury, the proposed legislation will result in
expenses for the following: (1) the purchase or lease of a building to serve as a state mint
and insurance coverage; (2) transportation, storage, security, and production of the bullion
and coins; and (3) services to operate the mint.
• There will be a one-time increase in research and initial implementation costs estimated to
be $367,500 in FY25-26.
SB 167 – HB 440 2
• There will be a recurring increase in state expenditures exceeding $1,050,000 in FY25-26
and subsequent years for costs related to contracting with the eligible entity.
• The Department of the Treasury will require four additional positions: one Legal Services
position, one Compliance Analyst position, one Accountant position, and one Auditor
position, beginning FY25-26.
Title Salary Benefits # Positions Total
Legal Services $80,124 $21,321 1 $101,445
Compliance Analyst $59,496 $17,898 1 $77,394
Accountant $50,004 $16,324 1 $66,328
Auditor $52,500 $16,738 1 $69,238
Total: $314,405
• The total increase in state expenditures is estimated to exceed $1,731,905 ($367,500 +
$1,050,000 + $314,405) in FY25-26 and to exceed $1,364,405 ($1,050,000 + $314,405) in
FY26-27 and subsequent years.
IMPACT TO COMMERCE:
BUSINESS IMPACT
FISCAL YEAR REVENUE EXPENSES
FY25-26 & Subsequent Years $1,050,000 Less than $1,050,000
Total Jobs Created: 4
Assumptions:
• The eligible entity will realize a recurring increase in business revenue of $1,050,000.
• To remain solvent, it is assumed the increase in business expenditures is less than
$1,050,000.
• The proposed legislation will create four jobs.
• Any subsequent impacts cannot be quantified with reasonable certainty.
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director