AN ACT CONCERNING MUSEUM PROPERTY.

OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 ↓ (860) 240-0200

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

HB-5355

AN ACT CONCERNING MUSEUM PROPERTY.

As Amended by House "A" (LCO 4570)

House Calendar No. : 187

Agency Affected	Fund-Effect	FY 13 $	FY 14 $
Library, CT State; UConn; Department of Economic & Community Development	GF - Potential Savings	Potential	Potential
Library, CT State; UConn; Department of Economic & Community Development	GF - Potential Cost	less than $50 per item	less than $50 per item

Municipalities	Effect	FY 13 $	FY 14 $
Various Municipalities	Potential Savings	Potential	Potential
Various Municipalities	Potential Cost	less than $50 per item	less than $50 per item

Explanation

The bill results in a potential savings to the Connecticut State Library, the University of Connecticut and the Department of Economic and Community Development along with various municipalities, all which operate museums. The savings is due to allowing museums to place a lien against certain donated property for the cost of conservation and protective measures for certain donated property. The exact savings is dependent upon the properties meeting the requirements of the bill and the costs of conservation and preservation employed.

Additionally the bill results in potential gain of asset value to such museums as it allows for the taking of ownership of certain properties loaned to the museums if a lender fails to reclaim it and other requirements are met. The taking of ownership results in a cost of less than $50 per donated item due to notice requirements to lenders.

House “A” (LCO 4570) is technical and results in no fiscal impact.

The Out Years

The annualized ongoing fiscal impact identified above would continue into the future subject to inflation.