Colorado Legislative Council Staff
LOCAL
CONDITIONAL FISCAL NOTE
No State General Fund Impact
Local Government Expenditure Impact
Drafting Number: Prime Sponsor(s): |
LLS 98-247 Sen. Reeves Rep. Taylor |
Date: Bill Status: Fiscal Analyst: |
January 6, 1998 Senate Local Government Steve Tammeus (866-2756) |
TITLE: CONCERNING THE INVENTORY OF PROPERTY BY LOCAL GOVERNMENTS.
Summary of Legislation
STATE FISCAL IMPACT SUMMARY |
FY 1998/99 |
FY 1999/2000 |
State Revenues General Fund Other Fund |
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State Expenditures General Fund Other Fund |
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FTE Position Change |
None |
None |
Local Government Impact — The bill may affect local government expenditures if the local government elects to revise the minimum cost threshold or the State Controller revises the threshold. |
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Current law requires local governments to account for real and personal property having an original cost of $100 or more, and conduct an annual physical inventory of all property having an original cost of $500 or more.
This bill allows the governing bodies of local governments to establish a minimum cost amount for which items of property are to be accounted and inventoried, unless directed by the State Auditor. The bill restricts these amounts from exceeding the amount specified by rules promulgated by the State Controller.
The bill will not affect state revenue or expenditures. However, the bill may affect local government expenditures if the local government elects to revise the minimum cost threshold or the State Controller revises the minimum cost threshold. Therefore, the bill is assessed as having a conditional local government fiscal impact.
The bill would take effect at 12:01 a.m. on the day following the expiration of the 90-day period after final adjournment of the General Assembly; or upon proclamation of the Governor if a referendum petition is filed against this act and approved by a vote of the people.
Local Government Impact
Local government expenditures may be increased or decreased if the local government establishes a new minimum cost threshold for accounting and inventorying real and personal property. Local government expenditures could also be affected if the State Controller revises rules regarding inventory accounts for items of state property. The amounts of these increases or decreases, if any, have not been estimated.
Spending Authority
This fiscal note would imply that no new spending authority or appropriations are required to implement the provisions of this bill in FY 1998-1999.
Departments Contacted
State Auditor Personnel Law Local Affairs