Multiple Agency Fiscal Note Summary — 5106 SB: Municipal financial services
Summary
Fiscal note materials for 5106 SB, titled Municipal financial services, with a Multiple Agency Fiscal Note Summary published as final on January 20, 2021. In Part I, the Department of Financial Institutions marks No Fiscal Impact, and the form was prepared with OFM review by Ramona Nabors. The narrative says the department currently provides the Treasurer's Office information on the financial condition of approved public depositories upon request, and that the legislation will not impact that process. The local government fiscal note states that the legislation would have no impact on local government expenditures or revenues.
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“Multiple Agency Fiscal Note Summary — 5106 SB: Municipal financial services.”
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Multiple Agency Fiscal Note Summary
Bill Number: 5106 SB Title: Municipal financial services
Estimated Cash Receipts
NONE
Agency Name 2021-23 2023-25 2025-27
GF- State Total GF- State Total GF- State Total
Local Gov. Courts
Loc School dist-SPI
Local Gov. Other No fiscal impact
Local Gov. Total
Estimated Operating Expenditures
Agency Name 2021-23 2023-25 2025-27
FTEs GF-State NGF-Outlook Total FTEs GF-State NGF-Outlook Total FTEs GF-State NGF-Outlook Total
Department of .0 0 0 0 .0 0 0 0 .0 0 0 0
Financial Institutions
Total $ 0.0 0 0 0 0.0 0 0 0 0.0 0 0 0
Agency Name 2021-23 2023-25 2025-27
FTEs GF-State Total FTEs GF-State Total FTEs GF-State Total
Local Gov. Courts
Loc School dist-SPI
Local Gov. Other No fiscal impact
Local Gov. Total
Estimated Capital Budget Expenditures
Agency Name 2021-23 2023-25 2025-27
FTEs Bonds Total FTEs Bonds Total FTEs Bonds Total
Department of Financial .0 0 0 .0 0 0 .0 0 0
Institutions
Total $ 0.0 0 0 0.0 0 0 0.0 0 0
Agency Name 2021-23 2023-25 2025-27
FTEs GF-State Total FTEs GF-State Total FTEs GF-State Total
Local Gov. Courts
Loc School dist-SPI
Local Gov. Other No fiscal impact
Local Gov. Total
Estimated Capital Budget Breakout
NONE
FNPID: 61165
FNS029 Multi Agency rollup
Prepared by: Ramona Nabors, OFM Phone: Date Published:
(360) 902-0547 Final 1/20/2021
FNPID: 61165
FNS029 Multi Agency rollup
Individual State Agency Fiscal Note
Bill Number: 5106 SB Title: Municipal financial services Agency: 102-Department of
Financial Institutions
Part I: Estimates
X No Fiscal Impact
Estimated Cash Receipts to:
NONE
Estimated Operating Expenditures from:
NONE
Estimated Capital Budget Impact:
NONE
The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.
Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).
Capital budget impact, complete Part IV.
Requires new rule making, complete Part V.
Legislative Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/11/2021
Agency Preparation: Emily Fitzgerald Phone: (360) 902-8780 Date: 01/14/2021
Agency Approval: Levi Clemmens Phone: (360) 902-8818 Date: 01/14/2021
OFM Review: Ramona Nabors Phone: (360) 902-0547 Date: 01/20/2021
Form FN (Rev 1/00) 161,877.00 Request # 21-004-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5106 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Briefly describe by section number, the significant provisions of the bill, and any related workload or policy assumptions, that have revenue or
expenditure impact on the responding agency.
The Department of Financial Institutions (DFI) currently provides the Treasurer's Office information on the
financial condition of approved public depositories upon request. This legislation will not impact DFI's current
process when it comes to public depositories, and therefore will have no impact.
II. B - Cash receipts Impact
Briefly describe and quantify the cash receipts impact of the legislation on the responding agency, identifying the cash receipts provisions by section
number and when appropriate the detail of the revenue sources. Briefly describe the factual basis of the assumptions and the method by which the
cash receipts impact is derived. Explain how workload assumptions translate into estimates. Distinguish between one time and ongoing functions.
II. C - Expenditures
Briefly describe the agency expenditures necessary to implement this legislation (or savings resulting from this legislation), identifying by section
number the provisions of the legislation that result in the expenditures (or savings). Briefly describe the factual basis of the assumptions and the
method by which the expenditure impact is derived. Explain how workload assumptions translate into cost estimates. Distinguish between one time
and ongoing functions.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
NONE
III. B - Expenditures by Object Or Purpose
NONE
III. C - Operating FTE Detail: List FTEs by classification and corresponding annual compensation. Totals need to agree with total FTEs in
Part I and Part IIIA
NONE
III. D - Expenditures By Program (optional)
NONE
Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE
IV. B - Expenditures by Object Or Purpose
NONE
IV. C - Capital Budget Breakout
Identify acquisition and construction costs not reflected elsewhere on the fiscal note and describe potential financing methods
NONE
IV. D - Capital FTE Detail: List FTEs by classification and corresponding annual compensation. Totals need to agree with total FTEs in
Part IVB
NONE
Municipal financial services 102-Department of Financial Institutions
Form FN (Rev 1/00) 161,877.00 Request # 21-004-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5106 SB
Part V: New Rule Making Required
Municipal financial services 102-Department of Financial Institutions
Form FN (Rev 1/00) 161,877.00 Request # 21-004-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5106 SB
LOCAL GOVERNMENT FISCAL NOTE
Department of Commerce
Bill Number: 5106 SB Title: Municipal financial services
Part I: Jurisdiction-Location, type or status of political subdivision defines range of fiscal impacts.
Legislation Impacts:
Cities:
Counties:
Special Districts:
Specific jurisdictions only:
Variance occurs due to:
Part II: Estimates
X No fiscal impacts.
Expenditures represent one-time costs:
Legislation provides local option:
Key variables cannot be estimated with certainty at this time:
Estimated revenue impacts to:
None
Estimated expenditure impacts to:
None
Part III: Preparation and Approval
Fiscal Note Analyst: Jordan Laramie Phone: 360-725-5044 Date: 01/13/2021
Leg. Committee Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/11/2021
Agency Approval: Allan Johnson Phone: 360-725-5033 Date: 01/13/2021
OFM Review: Ramona Nabors Phone: (360) 902-0547 Date: 01/20/2021
Page 1 of 2 Bill Number: 5106 SB
FNS060 Local Government Fiscal Note
Part IV: Analysis
A. SUMMARY OF BILL
Provide a clear, succinct description of the bill with an emphasis on how it impacts local government .
This legislation would repeal a statute related to credit union deposits, such that, public funds depositors from any size county are allowed
to deposit greater than the maximum insured amount at a credit union. Repealing RCW 39.58.240 would open the program up to all
geographic areas in Washington and allow more counties to participate in depositing to credit unions than under current law .
BACKGROUND:
In SHB 1209, 2018 the term “Financial Institution” (RCW 39.58.010) was expanded to include Credit Unions. RCW 39.58.240 limits the
use of credit unions just to counties under 300,000 in population.
B. SUMMARY OF EXPENDITURE IMPACTS
Briefly describe and quantify the expenditure impacts of the legislation on local governments , identifying the expenditure provisions by
section number, and when appropriate, the detail of expenditures. Delineate between city, county and special district impacts.
This legislation would have no impact on local government expenditures.
C. SUMMARY OF REVENUE IMPACTS
Briefly describe and quantify the revenue impacts of the legislation on local governments , identifying the revenue provisions by section
number, and when appropriate, the detail of revenue sources. Delineate between city, county and special district impacts.
This legislation would have no impact on local government revenues
Source:
Department of Financial Institutions
Washington State Association of County Treasurers
Page 2 of 2 Bill Number: 5106 SB
FNS060 Local Government Fiscal Note
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