Synopsis As Introduced Creates the Capital Improvement Planning Act. Provides that the Governor's Office of Management and Budget shall create a 5-year capital improvement plan, based on defined criteria to evaluate the State's capital improvement needs. Provides for the plan to have defined criteria for prioritizing projects. Amends the State Finance Act. Creates the Project Reserve Fund. Effective immediately.
Fiscal Note (Office of Management and Budget)
HB 196, as introduced, creates a new fund in the Treasury and adds both new and duplicative mandates to the Governor's Office of Management and Budget which result in a minor fiscal impact to the Governor's Office of Management and Budget.
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
This bill does not create a State mandate.
Fiscal Note (Capital Development Board)
The Capital Development Board (CDB) estimates a fiscal impact of approximately $5,000,000 annually if GOMB were to delegate the responsibilities of this act to CDB. This annual cost includes approximately 25 employees to handle all aspects of this act. Each employee would cost CDB approximately $200,000 after factoring in the personal services, pension, social security, group insurance, travel, and required software licenses.