Fiscal Note - 5188 SB State public bank (Multiple Agency)
Summary
Multiple Agency Fiscal Note Summary for bill 5188 SB, titled State public bank, followed by individual state agency fiscal notes. The rollup lists the Office of the Governor, Office of Lieutenant Governor, Office of the Secretary of State, Office of State Treasurer, Department of Financial Institutions and Housing Finance Commission. The Office of the Secretary of State note says Section 3 requires it to file Articles of Activation for the state bank and to issue a charter. A note from an agency referred to as the Commission cites a study published May 18, 2020 and gives a rough estimate of start-up costs ranging between $250,000 - $300,000.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“Fiscal Note - 5188 SB State public bank (Multiple Agency).”
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, SHA-256 7e824ec269bde64d5ee4b678a0ddc79d2af42bbf65587d9313c82f6e081a8e4f.Full text
Multiple Agency Fiscal Note Summary
Bill Number: 5188 SB Title: State public bank
Estimated Cash Receipts
NONE
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
Office of the .0 0 0 0 .0 0 0 0 .0 0 0 0
Governor
Office of Lieutenant .0 0 0 0 .0 0 0 0 .0 0 0 0
Governor
Office of the Non-zero but indeterminate cost and/or savings. Please see discussion.
Secretary of State
Office of State Non-zero but indeterminate cost and/or savings. Please see discussion.
Treasurer
Department of .0 0 0 0 .0 0 0 0 .0 0 0 0
Financial Institutions
Housing Finance .0 0 0 0 .0 0 0 0 .0 0 0 0
Commission
Total $ 0.0 0 0 0 0.0 0 0 0 0.0 0 0 0
Estimated Capital Budget Expenditures
Agency Name 2021-23 2023-25 2025-27
FTEs Bonds Total FTEs Bonds Total FTEs Bonds Total
Office of the Governor .0 0 0 .0 0 0 .0 0 0
Office of Lieutenant .0 0 0 .0 0 0 .0 0 0
Governor
Office of the Secretary of .0 0 0 .0 0 0 .0 0 0
State
Office of State Treasurer .0 0 0 .0 0 0 .0 0 0
Department of Financial .0 0 0 .0 0 0 .0 0 0
Institutions
Housing Finance .0 0 0 .0 0 0 .0 0 0
Commission
Total $ 0.0 0 0 0.0 0 0 0.0 0 0
Estimated Capital Budget Breakout
NONE
FNPID: 61517
FNS029 Multi Agency rollup
Prepared by: Gwen Stamey, OFM Phone: Date Published:
(360) 902-9810 Final 2/ 1/2021
FNPID: 61517
FNS029 Multi Agency rollup
Individual State Agency Fiscal Note
Bill Number: 5188 SB Title: State public bank Agency: 075-Office of the
Governor
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: 01/14/2021
Agency Preparation: Jim Jenkins Phone: 360-902-0403 Date: 01/27/2021
Agency Approval: Jamie Langford Phone: (360) 870-7766 Date: 01/27/2021
OFM Review: Tyler Lentz Phone: (360) 790-0055 Date: 02/01/2021
Form FN (Rev 1/00) 163,649.00 Request # 026-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5188 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.
- This bill establishes a public bank as a cooperative membership organization to lend to state, local, and tribal
governmental entities.
- Three member directors of the operating board for the public bank must be appointed by the governor and
confirmed by the senate. The public directors must be residents of the state.
- The governor will appoint one of the public members as chair of the board and will serve at the pleasure of the
governor.
- This bill establishes the public bank to issue debt in the name of the bank rather than the state of Washington.
This bill does not create a fiscal impact to the Office of the Governor and any work related to this bill can be
done within current resources by reprioritizing workload
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
State public bank 075-Office of the Governor
Form FN (Rev 1/00) 163,649.00 Request # 026-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5188 SB
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
Part V: New Rule Making Required
State public bank 075-Office of the Governor
Form FN (Rev 1/00) 163,649.00 Request # 026-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5188 SB
Individual State Agency Fiscal Note
Bill Number: 5188 SB Title: State public bank Agency: 080-Office of Lieutenant
Governor
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: 01/14/2021
Agency Preparation: Chad Johnson Phone: (360) 407-8130 Date: 01/29/2021
Agency Approval: Chad Johnson Phone: (360) 407-8130 Date: 01/29/2021
OFM Review: Gwen Stamey Phone: (360) 902-9810 Date: 01/29/2021
Form FN (Rev 1/00) 163,988.00 Request # 5188-01-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5188 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.
SB 5188 Section 3 part 4 directs the state finance committee to serve as the oversight board of the newly created
bank. The Lt. Governor is a member of this committee. This committee is comprised of elected officials that are
stationed in Olympia therefor the agency assumes only time for the Lt. Governor which is already built into their
budget as there is no overtime. No Fiscal 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
State public bank 080-Office of Lieutenant Governor
Form FN (Rev 1/00) 163,988.00 Request # 5188-01-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5188 SB
Part V: New Rule Making Required
State public bank 080-Office of Lieutenant Governor
Form FN (Rev 1/00) 163,988.00 Request # 5188-01-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5188 SB
Individual State Agency Fiscal Note
Bill Number: 5188 SB Title: State public bank Agency: 085-Office of the
Secretary of State
Part I: Estimates
No Fiscal Impact
Estimated Cash Receipts to:
NONE
Estimated Operating Expenditures from:
Non-zero but indeterminate cost and/or savings. Please see discussion.
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
X
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.
X Requires new rule making, complete Part V.
Legislative Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/14/2021
Agency Preparation: Kathy Cody Phone: (360) 704-5215 Date: 01/21/2021
Agency Approval: Mark Neary Phone: 360-902-4186 Date: 01/21/2021
OFM Review: Gwen Stamey Phone: (360) 902-9810 Date: 01/26/2021
Form FN (Rev 1/00) 162,238.00 Request # SB 5188-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5188 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.
Section 3 of this bill requires OSOS to file Articles of Activation for the state bank, and to issue a charter, as well
as to file any subsequent amendments to the Articles of Activation.
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.
This bill would have an indeterminate impact on the Office of the Secretary of State.
OSOS does not currently file Articles of Activation nor does it issue charters. These processes would either need
to be developed and implemented, or performed under a contract or interagency agreement between OSOS and
another agency. We would need to consult with either the Department of Financial Institutions or the Office of
the Treasurer for their expertise in reviewing the filing and determining whether the application was sufficient
and complete prior to issuance of any charter.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
Non-zero but indeterminate cost and/or savings. Please see discussion.
III. B - Expenditures by Object Or Purpose
Non-zero but indeterminate cost and/or savings. Please see discussion.
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
State public bank 085-Office of the Secretary of State
Form FN (Rev 1/00) 162,238.00 Request # SB 5188-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5188 SB
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
Part V: New Rule Making Required
Identify provisions of the measure that require the agency to adopt new administrative rules or repeal/revise existing rules.
This bill would likely require rulemaking as OSOS does not currently file Articles of Activation or issue charters. Rules
would likely be necessary to establish internal procedures for evaluating Articles of Activation prior to issuing a charter.
State public bank 085-Office of the Secretary of State
Form FN (Rev 1/00) 162,238.00 Request # SB 5188-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5188 SB
Individual State Agency Fiscal Note
Bill Number: 5188 SB Title: State public bank Agency: 090-Office of State
Treasurer
Part I: Estimates
No Fiscal Impact
Estimated Cash Receipts to:
NONE
Estimated Operating Expenditures from:
Non-zero but indeterminate cost and/or savings. Please see discussion.
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.
X 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: 01/14/2021
Agency Preparation: Dan Mason Phone: (360) 902-8990 Date: 01/20/2021
Agency Approval: Dan Mason Phone: (360) 902-8990 Date: 01/20/2021
OFM Review: Ramona Nabors Phone: (360) 902-0547 Date: 01/26/2021
Form FN (Rev 1/00) 162,965.00 Request # 012-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5188 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.
SB 5188 creates the Washington state public bank. The operating board of the bank consists of nine directors.
The state treasurer shall serve as an ex officio director.
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.
The cost of serving as an ex officio director is currently indeterminate. However, we anticipate the cost
associated with serving will be minimal.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
Non-zero but indeterminate cost and/or savings. Please see discussion.
III. B - Expenditures by Object Or Purpose
Non-zero but indeterminate cost and/or savings. Please see discussion.
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
State public bank 090-Office of State Treasurer
Form FN (Rev 1/00) 162,965.00 Request # 012-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5188 SB
IV. D - Capital FTE Detail: List FTEs by classification and corresponding annual compensation. Totals need to agree with total FTEs in
Part IVB
NONE
Part V: New Rule Making Required
State public bank 090-Office of State Treasurer
Form FN (Rev 1/00) 162,965.00 Request # 012-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5188 SB
Individual State Agency Fiscal Note
Bill Number: 5188 SB Title: State public bank 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: 01/14/2021
Agency Preparation: Emily Fitzgerald Phone: (360) 902-8780 Date: 01/19/2021
Agency Approval: Levi Clemmens Phone: (360) 902-8818 Date: 01/19/2021
OFM Review: Ramona Nabors Phone: (360) 902-0547 Date: 01/26/2021
Form FN (Rev 1/00) 162,359.00 Request # 21-009-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5188 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.
This legislation creates the Washington State Public Bank.
Section 3(5) give the Department of Financial Institutions (DFI) permission to do a discretionary review of the
bank's accounts and transactions. The cost of this review, if preformed, is assumed to be minimal and will be
handled within existing resources.
Section 3(11) states that this bank must not be or constitute a bank or trust company within the jurisdiction or
under the control of the Director of Financial Institutions. Because the State Bank will not fall within it's
supervision authority, DFI does not anticipate that this bill would have a fiscal 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
State public bank 102-Department of Financial Institutions
Form FN (Rev 1/00) 162,359.00 Request # 21-009-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5188 SB
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
Part V: New Rule Making Required
State public bank 102-Department of Financial Institutions
Form FN (Rev 1/00) 162,359.00 Request # 21-009-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5188 SB
Individual State Agency Fiscal Note
Bill Number: 5188 SB Title: State public bank Agency: 148-Housing Finance
Commission
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: 01/14/2021
Agency Preparation: Rich Zwicker Phone: 2062874480 Date: 02/01/2021
Agency Approval: Robert Cook Phone: 206 287 4432 Date: 02/01/2021
OFM Review: Gwen Stamey Phone: (360) 902-9810 Date: 02/01/2021
Form FN (Rev 1/00) 164,040.00 Request # 5188 Supp-3
FNS063 Individual State Agency Fiscal Note 1 Bill # 5188 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.
No fiscal 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
State public bank 148-Housing Finance Commission
Form FN (Rev 1/00) 164,040.00 Request # 5188 Supp-3
FNS063 Individual State Agency Fiscal Note 2 Bill # 5188 SB
Part V: New Rule Making Required
State public bank 148-Housing Finance Commission
Form FN (Rev 1/00) 164,040.00 Request # 5188 Supp-3
FNS063 Individual State Agency Fiscal Note 3 Bill # 5188 SB
Bill No. 5188
Supplemental Response to Fiscal Note Response of January 19, 2021
Dated: January 29, 2021
In response to a previous fiscal note request regarding Senate Bill 5188, the
Commission responded that in its opinion the bill has no fiscal impact as
follows:
No Fiscal Impact:
No Fiscal Impact: Because the Commission is a non-appropriated,
non-allocated agency, all the costs associated with the contemplated
legislation will flow through the Commission’s operating funds,
therefore the Commission believes it has no fiscal impact on the
state’s budget.
The Commission has no independent analysis of the associated costs
available to it. Nor has it been able to independently evaluate those costs.
However, on May 18, 2020, Dr. William A. Longbrake and Dr. Justin
Marlowe, on behalf of the Daniel J. Evans School of Public Policy &
Governance at the University of Washington, published a comprehensive
study entitled “A State-Charted, Public Cooperative Bank for Washington
State: Design Framework, Business Plan and Draft Legislation”. The
report estimates the costs associated with creating a state public bank and as
a means of supplementing its original fiscal note response, the Commission
is using the following cost estimates from page 81 of that study:
In thousands Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Compensation & Benefits 1,925.60 2,410.20 3,034.20 3,622.40 4,060.30 4,182.10 4,307.50 4,436.80 4,569.90 4,707.00
Administration 877.9 1,236.70 1,372.10 1,459.70 1,532.60 1,532.60 1,532.60 1,532.60 1,532.60 1,532.60
Total 2,803.50 3,646.90 4,406.30 5,082.10 5,592.90 5,714.70 5,840.10 5,969.40 6,102.50 6,239.60
The calculations set forth above are the proposed expenses associated with
the ongoing operations of a state public bank. The proposed legislation is
silent as to the start-up costs associated with the creation of the State Public
Bank and from what source those funds would come from. As a non-
appropriated state agency, the Commission would seek reimbursement from
the State Public Bank for all costs of standing up the organization. A rough
estimate of these costs ranges between $250,000 - $300,000.
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