Fiscal Note Summary — 5509 SB, Public Infrastructure Bank (Multiple Agency, Final 2/9/2023)
Summary
Multiple Agency Fiscal Note Summary for bill number 5509 SB, titled Public infrastructure bank, followed by individual fiscal notes. The summary lists estimated operating expenditures of 5,853,000 for the Office of State Treasurer for 2023-25 and states that there are additional indeterminate costs and/or savings. The Office of the Governor note reports no fiscal impact. The Office of State Treasurer note states that SB 5509 establishes the Washington state public infrastructure bank as a public body and that the bank's administration and operation must be performed by employees of the office of the state treasurer.
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
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“Fiscal Note Summary — 5509 SB, Public Infrastructure Bank (Multiple Agency, Final 2/9/2023).”
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Multiple Agency Fiscal Note Summary
Bill Number: 5509 SB Title: Public infrastructure bank
Estimated Cash Receipts
Agency Name 2023-25 2025-27 2027-29
GF-State NGF-Outlook Total GF-State NGF-Outlook Total GF-State NGF-Outlook Total
Office of State 0 0 0 (9,354,000) (9,354,000) 0 0 0 0
Treasurer
Office of State In addition to the estimate above,there are additional indeterminate costs and/or savings. Please see individual fiscal note.
Treasurer
Office of State 0 0 0 0 0 268,800 0 0 268,800
Auditor
Total $ 0 0 0 (9,354,000) (9,354,000) 268,800 0 0 268,800
Agency Name 2023-25 2025-27 2027-29
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 2023-25 2025-27 2027-29
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 State 8.2 5,853,000 5,853,000 5,853,000 17.0 0 0 9,354,000 17.0 0 0 9,054,000
Treasurer
Office of State In addition to the estimate above,there are additional indeterminate costs and/or savings. Please see individual fiscal note.
Treasurer
Office of State .0 0 0 0 .9 0 0 268,800 .9 0 0 268,800
Auditor
Department of .0 0 0 0 .0 0 0 0 .0 0 0 0
Financial
Institutions
Total $ 8.2 5,853,000 5,853,000 5,853,000 17.9 0 0 9,622,800 17.9 0 0 9,322,800
Agency Name 2023-25 2025-27 2027-29
FTEs GF-State Total FTEs GF-State Total FTEs GF-State Total
Local Gov. Total
Local Gov. Courts
Loc School dist-SPI
Local Gov. Other No fiscal impact
Estimated Capital Budget Expenditures
FNPID 66663
:
FNS029 Multi Agency rollup
Agency Name 2023-25 2025-27 2027-29
FTEs Bonds Total FTEs Bonds Total FTEs Bonds Total
Office of the Governor .0 0 0 .0 0 0 .0 0 0
Office of State Treasurer .0 0 0 .0 0 0 .0 0 0
Office of State Auditor .0 0 0 .0 0 0 .0 0 0
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 2023-25 2025-27 2027-29
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
Prepared by: Amy Hatfield, OFM Phone: Date Published:
(360) 280-7584 Final 2/ 9/2023
FNPID 66663
:
FNS029 Multi Agency rollup
Individual State Agency Fiscal Note
Bill Number: 5509 SB Title: Public infrastructure 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: 01/23/2023
Agency Preparation: Tracy Sayre Phone: 360-890-5279 Date: 01/25/2023
Agency Approval: Jamie Langford Phone: (360) 870-7766 Date: 01/25/2023
OFM Review: Cheri Keller Phone: (360) 584-2207 Date: 01/25/2023
Form FN (Rev 1/00) 179,664.00 Request # 23-067-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5509 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
Section 3 of HB 5509 establishes a public infrastructure bank as a public body corporate and politic, with perpetual
corporate succession, constituting an instrumentality of the state of Washington exercising essential governmental functions.
Three public directors of the public infrastructure bank are to be appointed by the governor. One of the public members
shall be appointed by the governor as chair of the board and shall serve at the pleasure of the governor.
The Governor's Office believes the estimated time to recruit, vet, and appoint directors could be done within existing
resources.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished 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: FTEs listed by classification and corresponding annual compensation. Totals 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
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
Public infrastructure bank 075-Office of the Governor
Form FN (Rev 1/00) 179,664.00 Request # 23-067-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5509 SB
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Public infrastructure bank 075-Office of the Governor
Form FN (Rev 1/00) 179,664.00 Request # 23-067-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5509 SB
Individual State Agency Fiscal Note
Bill Number: 5509 SB Title: Public infrastructure bank Agency: 090-Office of State Treasurer
Part I: Estimates
No Fiscal Impact
Estimated Cash Receipts to:
ACCOUNT FY 2024 FY 2025 2023-25 2025-27 2027-29
General Fund-State 001-1 (9,354,000)
Washington State Public Infrastructure 9,354,000
Bank Fund-Non-Appropriated New-6
Total $
In addition to the estimates above, there are additional indeterminate costs and/or savings. Please see discussion.
Estimated Operating Expenditures from:
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 1.2 15.3 8.2 17.0 17.0
Account
General Fund-State 001-1 935,000 4,918,000 5,853,000 0 0
Washington State Public Infrastructure 0 0 0 9,354,000 9,054,000
Bank Fund-Non-Appropriated
New-6
Total $ 935,000 4,918,000 5,853,000 9,354,000 9,054,000
In addition to the estimates above, there are additional indeterminate costs 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.
Requires new rule making, complete Part V.
Legislative Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/23/2023
Agency Preparation: Dan Mason Phone: (360) 902-8990 Date: 02/09/2023
Agency Approval: Dan Mason Phone: (360) 902-8990 Date: 02/09/2023
OFM Review: Amy Hatfield Phone: (360) 280-7584 Date: 02/09/2023
Form FN (Rev 1/00) 181,177.00 Request # 051-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5509 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
SB 5509 establishes the Washington state public infrastructure bank as a public body within the meaning of RCW
39.53.010. The bank is not a public depositary for any purpose under chapter 39.58 RCW. The bank may not issue bonds
in a manner that would create state debt. The operating board of the infrastructure bank consists of nine directors. The
state treasurer shall serve as an ex officio director. The operating board has the authority to hire and fire an executive
director. The executive director shall be funded in the office of the state treasurer. The bank’s administration and
operation must be performed by employees of the office of the state treasurer. Annually, the operating board approves the
budget of the bank. The state finance committee serves as the oversight board of the infrastructure bank.
Assumptions:
• The bank may adopt policies, procedures, and rules.
• The bank may establish technical advisory committees.
• The state treasurer may hire the necessary staff to develop the bank operating plans and run the bank.
• The state treasurer may hire consultants with expertise in developing the bank operating plans.
• The state treasurer may issue requests for proposal and / or requests for information as necessary to develop the bank
operating plans to include, but not limited to, staffing requirements, system requirements, and ensure the administration of
the bank does not interfere with the core mission of the office of the state treasurer. These requests will help determine, at
a minimum, if we should purchase a banking software, split off and enhance a subset of the treasury management system
as a stand-alone application, or modify the existing treasury management system to include upgrades to a new version.
• The legislature will appropriate adequate general fund expenditure authority and FTEs for start-up funds to the state
treasurer. Start-up funds are the estimated FTEs and total estimated costs for the 23-25 biennium in this fiscal note plus the
estimated costs for system purchases and / or enhancements that will be available after the completion of the bank
operating plan.
• The legislature will provide additional general fund expenditure authority in the 2024 supplemental budget if it is determined
that increased appropriation is required.
• The legislature will create a new non-budgeted (non-appropriated and non-allotted) fund for the office of the state
treasurer for the bank’s administration and operation.
• The legislature will provide funding for a system purchase and / or upgrade after completion of the bank operating plans.
• The legislature will provide financial contributions to the bank to capitalize the bank so it can issue debt.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
Assumption:
• The legislature will provide the necessary cash from the general fund to the Washington state public infrastructure bank
fund for the 25-27 biennium.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.
Estimated costs, at a minimum and prior to the completion of the development of an operating plan:
• Seventeen staff; ten exempt positions, and seven classified positions.
• Consultants with the expertise in banking, developing plans, and financial systems to be $250,000 per year for three years.
• Current estimated start-up costs are $5,853,000.
• Future start-up costs for system purchases and / or enhancements to existing systems are indeterminable. Assumption:
Public infrastructure bank 090-Office of State Treasurer
Form FN (Rev 1/00) 181,177.00 Request # 051-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5509 SB
The legislature will fund the future start-up costs after the operating plan is completed.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
Account Account Title Type FY 2024 FY 2025 2023-25 2025-27 2027-29
001-1 General Fund State 935,000 4,918,000 5,853,000 0 0
New-6 Washington State Non-Appr 0 0 0 9,354,000 9,054,000
Public Infrastructure opriated
Bank Fund
Total $ 935,000 4,918,000 5,853,000 9,354,000 9,054,000
In addition to the estimates above, there are additional indeterminate costs and/or savings. Please see discussion.
III. B - Expenditures by Object Or Purpose
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 1.2 15.3 8.2 17.0 17.0
A-Salaries and Wages 212,000 2,606,000 2,818,000 5,578,000 5,578,000
B-Employee Benefits 53,000 652,000 705,000 1,396,000 1,396,000
C-Professional Service Contracts 250,000 250,000 500,000 250,000
E-Goods and Other Services 360,000 1,190,000 1,550,000 1,970,000 1,970,000
G-Travel 10,000 100,000 110,000 150,000 100,000
J-Capital Outlays 50,000 120,000 170,000 10,000 10,000
M-Inter Agency/Fund Transfers
N-Grants, Benefits & Client Services
P-Debt Service
S-Interagency Reimbursements
T-Intra-Agency Reimbursements
9-
Total $ 935,000 4,918,000 5,853,000 9,354,000 9,054,000
In addition to the estimates above, there are additional indeterminate costs and/or savings. Please see discussion.
Public infrastructure bank 090-Office of State Treasurer
Form FN (Rev 1/00) 181,177.00 Request # 051-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5509 SB
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
Job Classification Salary FY 2024 FY 2025 2023-25 2025-27 2027-29
WA State Bank Accounting Manager 125,000 0.8 0.4 1.0 1.0
- Classified
WA State Bank Cash Mgt Manager - 125,000 0.8 0.4 1.0 1.0
Classified
WA State Bank Chief Financial 325,000 1.0 0.5 1.0 1.0
Officer - Exempt
WA State Bank Chief Risk Officer - 225,000 1.0 0.5 1.0 1.0
Exempt
WA State Bank Compliance Officer - 225,000 1.0 0.5 1.0 1.0
Exempt
WA State Bank Debt Manager - 125,000 0.8 0.4 1.0 1.0
Classified
WA State Bank Debt Officer - 225,000 1.0 0.5 1.0 1.0
Exempt
WA State Bank Executive Assistant - 75,000 0.3 1.0 0.7 1.0 1.0
Exempt
WA State Bank Executive Director - 425,000 0.3 1.0 0.7 1.0 1.0
Exempt
WA State Bank Fiscal Analyst 3 - 68,000 0.8 0.4 1.0 1.0
Classified
WA State Bank Fiscal Analyst 5 - 81,000 0.8 0.4 1.0 1.0
Classified
WA State Bank Human Resource 80,000 0.3 1.0 0.7 1.0 1.0
Manager - Exempt
WA State Bank Information Services 125,000 1.0 0.5 1.0 1.0
Manager- Exempt
WA State Bank Investment Officer - 225,000 1.0 0.5 1.0 1.0
Exempt
WA State Bank IT App Development 105,000 0.8 0.4 1.0 1.0
- Journey - Class
WA State Bank IT Data Management 105,000 0.8 0.4 1.0 1.0
- Journey - Class
WA State Bank Legal Counsel - 125,000 0.3 1.0 0.7 1.0 1.0
Exempt
Total FTEs 1.2 15.3 8.3 17.0 17.0
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
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
Public infrastructure bank 090-Office of State Treasurer
Form FN (Rev 1/00) 181,177.00 Request # 051-1
FNS063 Individual State Agency Fiscal Note 4 Bill # 5509 SB
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Public infrastructure bank 090-Office of State Treasurer
Form FN (Rev 1/00) 181,177.00 Request # 051-1
FNS063 Individual State Agency Fiscal Note 5 Bill # 5509 SB
Individual State Agency Fiscal Note
Bill Number: 5509 SB Title: Public infrastructure bank Agency: 095-Office of State Auditor
Part I: Estimates
No Fiscal Impact
Estimated Cash Receipts to:
ACCOUNT FY 2024 FY 2025 2023-25 2025-27 2027-29
Auditing Services Revolving 268,800 268,800
Account-State 483-1
Total $ 268,800 268,800
Estimated Operating Expenditures from:
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 0.0 0.0 0.0 0.9 0.9
Account
Auditing Services Revolving 0 0 0 268,800 268,800
Account-State 483-1
Total $ 0 0 0 268,800 268,800
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.
Requires new rule making, complete Part V.
Legislative Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/23/2023
Agency Preparation: Charleen Patten Phone: 564-999-0941 Date: 01/27/2023
Agency Approval: Janel Roper Phone: 564-999-0820 Date: 01/27/2023
OFM Review: Amy Hatfield Phone: (360) 280-7584 Date: 01/27/2023
Form FN (Rev 1/00) 180,594.00 Request # 2023-006-2
FNS063 Individual State Agency Fiscal Note 1 Bill # 5509 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
This bill creates the Washington State Infrastructure bank and outlines responsibilities and management of the infrastructure
bank. The purpose of this new state agency is to provide financing opportunities for local and tribal governments related to
infrastructure and economic development projects.
Section 3(6) states that the infrastructure bank is a state agency subject to audit under chapter 43.09.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
Based on the description and responsibilities of the infrastructure bank as outlined in the bill, we are estimating this agency
will be considered a mid-size state agency. Using like sized existing state agencies with similar responsibilities, we assume
the SAO will perform an accountability audit with a 600 hour budget, once every two years. In addition, we assume an
increase of 750 hours each fiscal year to the Annual Comprehensive Financial Review. 1350 total hours in FY1 and 750
hours in FY2 of each biennia.
Cash receipts are calculated multiplying the estimated hours by the current state billing rate of $128 per hour. Actual cash
receipts will be dependent on the applicable billing rate in effect when the work is performed.
Increased audit work will be billed to the Washington State Infrastructure Bank.
Using the implementation of the 23-25 biennium as outlined in the bill, we anticipate we will start performing audit work in
Fiscal Year 2026.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.
The SAO estimates 1.2 FTE to complete the 600 hour accountability audit and 750 hours of ACFR the first fiscal year of
each biennium. During the second year of the biennium when only the ACFR work is performed we estimate .7 FTE. This
includes administrative support and overhead allocation.
In addition to the salaries and benefits, Goods and Services are included based on average SAO goods and services
expenditures.
Expenses would be paid through the Auditing Services Revolving Account using revenues generated from the billings for
this work.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
Account Account Title Type FY 2024 FY 2025 2023-25 2025-27 2027-29
483-1 Auditing Services State 0 0 0 268,800 268,800
Revolving Account
Total $ 0 0 0 268,800 268,800
Public infrastructure bank 095-Office of State Auditor
Form FN (Rev 1/00) 180,594.00 Request # 2023-006-2
FNS063 Individual State Agency Fiscal Note 2 Bill # 5509 SB
III. B - Expenditures by Object Or Purpose
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 0.9 0.9
A-Salaries and Wages 163,969 163,969
B-Employee Benefits 58,406 58,406
C-Professional Service Contracts
E-Goods and Other Services 46,425 46,425
G-Travel
J-Capital Outlays
M-Inter Agency/Fund Transfers
N-Grants, Benefits & Client Services
P-Debt Service
S-Interagency Reimbursements
T-Intra-Agency Reimbursements
9-
Total $ 0 0 0 268,800 268,800
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
Job Classification Salary FY 2024 FY 2025 2023-25 2025-27 2027-29
Admn/Overhead 72,000 0.1 0.1
Assistant State Auditor 3 73,260 0.7 0.7
Program Manager 125,628 0.2 0.2
Total FTEs 1.0 1.0
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
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Public infrastructure bank 095-Office of State Auditor
Form FN (Rev 1/00) 180,594.00 Request # 2023-006-2
FNS063 Individual State Agency Fiscal Note 3 Bill # 5509 SB
Individual State Agency Fiscal Note
Bill Number: 5509 SB Title: Public infrastructure 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: 01/23/2023
Agency Preparation: Emily Fitzgerald Phone: (360) 902-8780 Date: 01/25/2023
Agency Approval: Levi Clemmens Phone: (360) 902-8818 Date: 01/25/2023
OFM Review: Amy Hatfield Phone: (360) 280-7584 Date: 01/25/2023
Form FN (Rev 1/00) 179,805.00 Request # 23-006-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5509 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
This legislation creates the Washington State Public Infrastructure Bank.
Section 3(3) directs the Washington State Public Infrastructure Bank to file a duplicate of its initial articles of activation as
well as subsequent amendments with the Department of Financial Institutions (DFI). The Infrastructure Bank must also file
its bylaws, and information identifying its physical address, board members, and executive director with DFI. The cost of
receiving and storing this information would be minimal.
Section 3(6) provides that DFI may, at its discretion, review the Infrastructure Bank's accounts and transactions. The cost
of this review, if performed, is assumed to be minimal and would be handled within existing resources.
Section 3(12) states that the Infrastructure 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 Infrastructure Bank will not fall within its supervision
authority, DFI does not anticipate that this bill would have a fiscal impact.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished 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: FTEs listed by classification and corresponding annual compensation. Totals 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
Public infrastructure bank 102-Department of Financial Institutions
Form FN (Rev 1/00) 179,805.00 Request # 23-006-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5509 SB
IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Public infrastructure bank 102-Department of Financial Institutions
Form FN (Rev 1/00) 179,805.00 Request # 23-006-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5509 SB
LOCAL GOVERNMENT FISCAL NOTE
Department of Commerce
Bill Number: 5509 SB Title: Public infrastructure bank
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:
X Legislation provides local option: Local governments may opt-in to the Washington state public infrastructure bank as a local
option. Costs would only be incurred by local governments that choose to adopt the
infrastructure bank's articles of activation in their respective legislative authorities.
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: Brandon Rountree Phone: (360) 999-7103 Date: 01/28/2023
Leg. Committee Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/23/2023
Agency Approval: Allan Johnson Phone: 360-725-5033 Date: 01/28/2023
OFM Review: Amy Hatfield Phone: (360) 280-7584 Date: 01/30/2023
Page 1 of 3 Bill Number: 5509 SB
FNS060 Local Government Fiscal Note
Part IV: Analysis
A. SUMMARY OF BILL
Description of the bill with an emphasis on how it impacts local government.
Overview: This legislation would establish the Washington state public infrastructure bank which would provide
opportunities for local and tribal governments to competitively finance public infrastructure and economic development
projects. The cooperative would complement the existing banking system and it would be also provide specialized
technical assistance to local and tribal governments. Local and tribal governments would join the infrastructure bank
through adoption of its articles of activation by their respective legislative authorities. Members of the infrastructure bank
would select a total of five, elected local government and tribal government officials, to serve among infrastructure bank’s
Board of Directors (Board).
Sec. 3 Establishes the Public Finance Cooperative
(2)(b) The articles of activation must be approved by the legislative authority of each of the member local or tribal
governments (member). Each member must provide the infrastructure bank with a contribution of an amount approved by
the State Finance Committee. This amount may be adjusted by future infrastructure bank Boards.
(4)(a) Member-appointed directors must be elected local or tribal government officials.
(4)(g) Directors of the cooperative serve without compensation but are entitled to reimbursement, for expenses incurred in
the discharge of their duties. Reimbursement can only come from funds from the cooperative.
(8) The infrastructure bank’s administration and operation must be performed by employees of the Washington State
Housing Finance
Commission.
Sec. 4 Establishes infrastructure bank authorizations and powers.
Sec. 5 Establishes infrastructure bank financing powers.
Sec. 7: Amends RCW 39.59.040 (Public Contracts and Indebtedness, Authorized Investments) to allow for any local
government to invest in bonds issued by a public finance cooperative.
Sec. 8: Amends RCW 42.56.270 (Public Records Act - Financial, Commercial, and Proprietary Information) to include
financial and commercial information and records supplied by businesses or individuals during applications for loans or
program services created by this act are exempt from disclosure.
Sec. 9: Amends RCW 42.56.400 (Public Records Act – Insurance and Financial Institutions) with the same language as
Sec. 8.
Sec 10: Amends RCW 43.10.067 by adding the infrastructure bank to the list of government entities allowed to employ,
appoint, or retain an attorney. The state public infrastructure bank can only utilize an outside council in accordance with
section 4 (22) of this act.
Sec. 11: Amends RCW 43.84.080 (Investments and Interfund Loans – Investment of Current State Funds) to include
contributions made to a cooperative per Sec. 2 of this act, which may be invested or reinvested as the State Treasurer
deems expedient
Sec. 12: A severability clause.
Sec. 13: The purpose of this act is for the welfare of the state and its inhabitants.
Page 2 of 3 Bill Number: 5509 SB
FNS060 Local Government Fiscal Note
Sec. 14: Sec. 1 through 5 of this act constitute a new chapter in Title 43 RCW (State Government – Executive).
B. SUMMARY OF EXPENDITURE IMPACTS
Expenditure impacts of the legislation on local governments with the expenditure provisions identified by section number and when
appropriate, the detail of expenditures. Delineated between city, county and special district impacts.
There would be no local government expenditure impact as a result of this legislation. Local governments may choose to
opt-in to the Washington state public infrastructure bank as a local option, but this is not a requirement of this act.
COSTS FOR A LOCAL GOVERNMENT TO BECOME A MEMBER OF THE INFASTRUCTURE BANK:
Sec. 3(2) (b) states that local or tribal governments must approve the infrastructure bank’s articles of activation through
their legislative authorities and then pay a contribution to the infrastructure bank an amount that is approved by the State
Finance Committee. This contribution amount is currently unknown.
COSTS TO FOR THE LOCAL GOVERNMENT MEMBERS OF THE INFASTRUCTURE BANK BOARD OF
DIRECTORS:
The infrastructure bank would have an operating board of directors (Board) of five member-appointed positions, three
governor-appointed positions which are confirmed by the state Senate, and the State Treasurer serving as an ex-officio
member. The member-appointed directors must be elected local government or tribal government officials. Sec. 3(4)(g)
states that Board members are not to be compensated for their duties to be on the Board of the infrastructure bank but
they may be reimbursed for costs to perform the Board functions. Reimbursement funds must come from funds that the
infrastructure bank generates.
POTENTIAL STAFFING COSTS FOR LOCAL GOVERNMENT MEMBERS OF THE INFASTRUCTURE BANK
BOARD OF DIRECTORS:
There would be five local government or tribal government members of the infrastructure bank Board and members may
have the following costs to participate in board activities. The distribution of the Board would not be known until they are
selected by local and tribal governments that have opted into the infrastructure bank. Per Sec. 3(4) (g), these costs may
be reimbursable for participating elected local government officials.
C. SUMMARY OF REVENUE IMPACTS
Revenue impacts of the legislation on local governments, with the revenue provisions identified by section number, and when
appropriate, the detail of revenue sources. Delineated between city, county and special district impacts.
This legislation would not result in local government revenue impacts. Local governments may choose to opt-in to the
Washington state public infrastructure bank as a local option, but this is not a requirement of this act. Amounts that the
infrastructure bank may be able to lend to local governments is not known at this time.
Source:
Local Government Fiscal Note, SB 5188 2S SB, (2021)
Page 3 of 3 Bill Number: 5509 SB
FNS060 Local Government Fiscal Note
Multiple Agency Ten-Year Analysis Summary
Bill Number Title
5509 SB Public infrastructure bank
This ten-year analysis is limited to the estimated cash receipts associated with the proposed tax or fee increases.
Estimated Cash Receipts
Office of the Governor 0 0 0 0 0 0 0 0 0 0 0
Office of State Treasurer 0 0 0 0 0 0 0 0 0 0 0
Office of State Auditor 0 0 0 0 0 0 0 0 0 0 0
Department of Financial Institutions 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0
FNS067 Multiple Agency Ten-Year Analysis Summary 1
Ten-Year Analysis
Bill Number Title Agency
5509 SB Public infrastructure bank 075 Office of the Governor
This ten-year analysis is limited to agency estimated cash receipts associated with the proposed tax or fee increases. The Office of Financial Management
ten-year projection can be found at http://www.ofm.wa.gov/tax/default.asp .
Estimates
X No Cash Receipts Partially Indeterminate Cash Receipts Indeterminate Cash Receipts
Name of Tax or Fee Acct
Code
Agency Preparation: Tracy Sayre Phone: 360-890-5279 Date: 1/25/2023 4:28:47 pm
Agency Approval: Jamie Langford Phone: (360) 870-7766 Date: 1/25/2023 4:28:47 pm
OFM Review: Phone: Date:
FNS066 Ten-Year Analysis 1
Ten-Year Analysis
Bill Number Title Agency
5509 SB Public infrastructure bank 090 Office of State Treasurer
This ten-year analysis is limited to agency estimated cash receipts associated with the proposed tax or fee increases. The Office of Financial Management
ten-year projection can be found at http://www.ofm.wa.gov/tax/default.asp .
Estimates
X No Cash Receipts Partially Indeterminate Cash Receipts Indeterminate Cash Receipts
Name of Tax or Fee Acct
Code
Agency Preparation: Dan Mason Phone: (360) 902-8990 Date: 2/9/2023 8:42:53 am
Agency Approval: Dan Mason Phone: (360) 902-8990 Date: 2/9/2023 8:42:53 am
OFM Review: Phone: Date:
FNS066 Ten-Year Analysis 1
Ten-Year Analysis
Bill Number Title Agency
5509 SB Public infrastructure bank 095 Office of State Auditor
This ten-year analysis is limited to agency estimated cash receipts associated with the proposed tax or fee increases. The Office of Financial Management
ten-year projection can be found at http://www.ofm.wa.gov/tax/default.asp .
Estimates
X No Cash Receipts Partially Indeterminate Cash Receipts Indeterminate Cash Receipts
Name of Tax or Fee Acct
Code
Agency Preparation: Charleen Patten Phone: 564-999-0941 Date: 1/27/2023 10:31:31 am
Agency Approval: Janel Roper Phone: 564-999-0820 Date: 1/27/2023 10:31:31 am
OFM Review: Phone: Date:
FNS066 Ten-Year Analysis 1
Ten-Year Analysis
Bill Number Title Agency
5509 SB Public infrastructure bank 102 Department of Financial Institutions
This ten-year analysis is limited to agency estimated cash receipts associated with the proposed tax or fee increases. The Office of Financial Management
ten-year projection can be found at http://www.ofm.wa.gov/tax/default.asp .
Estimates
X No Cash Receipts Partially Indeterminate Cash Receipts Indeterminate Cash Receipts
Name of Tax or Fee Acct
Code
Agency Preparation: Emily Fitzgerald Phone: (360) 902-8780 Date: 1/25/2023 8:38:09 am
Agency Approval: Levi Clemmens Phone: (360) 902-8818 Date: 1/25/2023 8:38:09 am
OFM Review: Phone: Date:
FNS066 Ten-Year Analysis 1
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