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F I S C A L I M P A C T R E P O R T
SPONSOR King
DATE TYPED 2/21/05
HB 887
SHORT TITLE Torrance County Loan Repayment
SB
ANALYST Hadwiger
APPROPRIATION
(in $000s)
Appropriation Contained Estimated Additional Impact Recurring
or Non-Rec
Fund
Affected
FY05
FY06
FY05
FY06
$131.0
Non-Recurring General Fund
(Parenthesis ( ) Indicate Expenditure Decreases)
Duplicates SB929.
SOURCES OF INFORMATION
LFC Files
Responses Received From
Department of Finance and Administration (DFA)
SUMMARY
Synopsis of Bill
House Bill 887 appropriates $131 thousand from the general fund to the Department of Finance
and Administration for expenditure in FY06 for Torrance County to repay a State Board of Fi-
nance loan.
Significant Issues
According to the DFA, Torrance County's finances faced a crisis in FY05 and could now be
characterized as recovering. The crisis was triggered by over-commitment to a COPS Grant and
overspending the budget by approximately $500 thousand. In response to this situation, the State
Board of Finance made an emergency loan to Torrance County at its October 12, 2004 meeting
to assure continued public safety services. The appropriation in HB887 would contribute to Tor-
rance County's financial recovery.