Wisconsin Senate Bill SB64

Wisconsin 2023-2024 Regular Session

• Introduced: 2/15/23
• Refer: 2/15/23
• Failed: 4/15/24

Caption

Creating a hazard mitigation revolving loan program and making an appropriation. (FE)

Impact

If enacted, SB64 will facilitate the transfer of 10% of any federal funds received under FEMA agreements to the Hazard Mitigation Revolving Loan Fund. This helps ensure that local governments have access to necessary funding for emergency management and hazard mitigation projects. The establishment of such a program is expected to enhance community resilience against disasters by allowing local governments to address their specific vulnerabilities through targeted projects funded by loans that are repaid via future revenues from those projects.

Summary

Senate Bill 64 aims to establish a dedicated Hazard Mitigation Revolving Loan Program in Wisconsin. This program is designed to provide financial assistance to local units of government for projects aimed at mitigating hazards related to natural disasters. The bill creates a non-lapsing trust fund intended to accept federal funds, specifically under the Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act. This will allow Wisconsin to leverage federal resources to bolster the state's emergency management capabilities by enabling the state to fund critical local mitigation projects.

Contention

While the bill itself appears largely supportive of community preparedness initiatives, there may be some political contention surrounding the management and allocation of federal funds. Stakeholders might raise concerns over the effectiveness of the program and whether the loans will be accessible to all local governments, particularly smaller or less fiscally stable ones. Additionally, the reliance on federal funding through FEMA may also raise questions regarding the sustainability of the loan program, especially if federal funds fluctuate or become insufficient in future fiscal years.