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
OFA Fiscal Note
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.