OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http: //www.cga.ct.gov/ofa

HB-6652

AN ACT IMPLEMENTING THE REVENUE ITEMS IN THE BUDGET AND MAKING BUDGET ADJUSTMENTS, DEFICIENCY APPROPRIATIONS, CERTAIN REVISIONS TO BILLS OF THE CURRENT SESSION AND MISCELLANEOUS CHANGES TO THE GENERAL STATUTES.

AMENDMENT

LCO No.: 8602

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 11

Treasurer

GF - Revenue Loss

See Below

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment requires that any unappropriated FY 11 surplus first be used to return to electric ratepayers the $40 million remitted to the General Fund between January 1, 2011 and June 30, 2011 under the provisions of PA 10-179. This precludes use of the $40 million for either of the two purposes currently authorized in the state constitution, including: (1) contribution to the Budget Reserve (Rainy Day) Fund and (2) reduction of bonded indebtedness.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.